0001628280-25-051180 | 10-Q | XBRL Viewer

Print Document

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Mar. 31, 2024	Sep. 30, 2025
Indefinite-lived Intangible Assets [Line Items]
Loss on goodwill		$ 3,300			$ 3,343
Discount rate used in valuation	12.50%				12.50%
Impairment loss on goodwill and tradename			$ 0
Goodwill impairment				$ 0
Domain names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets Acquired	$ 2,700

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

+ Details

Related Parties	9 Months Ended
Related Parties	Sep. 30, 2025
Related Party Transactions [Abstract]
Related Parties	Related Parties Marketing Agreement In August 2025, the Company entered into agreements with a family member of an executive of the Company for branding and website management services and public relations and social media management services. The fees payable under these agreements are approximately $0.2 million; no amounts were paid under such agreements as of September 30, 2025. Commercial Agreement With DTR On July 31, 2025, we entered into a Commercial Agreement (the “Commercial Agreement”) with Distributed Technologies Research Global, Ltd. ("DTR"), which sets forth the terms and conditions governing the integration of Bakkt’s various solutions related to financial transaction processing and cryptocurrency trading with DTR’s technology related to the execution of global payments powered by stablecoins. Pursuant to the Commercial Agreement, DTR grants Bakkt and its affiliates a non-exclusive, non-transferable, sublicensable license for the duration of the term of the Commercial Agreement to access, display, reproduce, modify, create derivative works of, and otherwise use the DTR’s technology in certain territories; and DTR and its affiliates a non-exclusive, non-transferable, sublicensable, worldwide, right and license to display, reproduce, modify, create derivative works of, and otherwise use Bakkt solutions as needed. For each payment that is processed under the Commercial Agreement, Bakkt will be entitled to a customary fee for similar types of transactions. The initial term of the Commercial Agreement is three years from the date of execution, unless terminated earlier. At any time, either party will be able to terminate the Commercial Agreement in the event of insolvency of the other party or a material breach of the other party that has not been cured. Pursuant to the terms and conditions of the Commercial Agreement, DTR will be subject to certain restrictions on its ability to provide services or technology that are competitive with the project in certain territories. The Commercial Agreement contains customary representations, warranties and covenants. The parties have also agreed to indemnify and hold each other harmless from claims alleging infringement of third-party intellectual property, gross negligence or willful misconduct, or arising from a party’s customer agreement, except these indemnification obligations do not apply with respect to any intellectual property or data that is not created or provided by the other party, combined with other products or processes not provided by the other party, or where the other party continues the alleged infringing activity. Sale of Bakkt Trust On March 17, 2025, Bakkt entered into an agreement with Intercontinental Exchange Holdings, Inc. ("ICE") whereby ICE agreed to purchase all of the outstanding equity interests of Bakkt Trust for a cash payment of $1.5 million plus the assumption of Bakkt Trust’s regulatory capital requirement, which was approximately $3.0 million as of signing, and certain operating costs of Bakkt Trust during the period between the signing of the purchase agreement and the closing of the transaction (subject to such closing). The sale of Bakkt Trust was completed on May 15, 2025. As a result of the sale, Bakkt recognized a loss of $2.3 million reflected in Other (expense) income, net in the consolidated statement of operations. In conjunction with the sale of Bakkt Trust, Bakkt and ICE entered into a transition services agreement ("TSA") whereby the Company agreed to provide certain transitional services to ICE for defined fees for a period of up to six months from closing of the sale of Bakkt Trust. Amounts billed under the TSA generally relate to pass through of a portion of third-party software costs and time incurred by Bakkt employees supporting Bakkt Trust. The TSA can be terminated with six months' notice by either party for cause or by mutual agreement of the parties. The amount of fees charged to ICE under the TSA were not material for the three-month period ended September 30, 2025. Amounts billed under the TSA are generally recognized as a recovery of expenses incurred or as a component of "Other (expense) income, net" in the consolidated statements of operations. The amount of any receivables owed to Bakkt under the TSA were not material as of September 30, 2025. ICE Credit Facility On August 12, 2024, Bakkt and Opco entered into a revolving credit facility with ICE (the “ICE Credit Facility”), a major shareholder, (the “Lender”), with certain subsidiaries of Bakkt party thereto from time to time, as guarantors, whereby the Lender agreed to provide a $40.0 million secured revolving line of credit to the Company for working capital and general corporate purposes. For the period beginning December 31, 2024 through March 30, 2025, Opco could borrow up to an aggregate principal amount (excluding any capitalized interest) of $10.0 million. For the period beginning March 31 through June 29, 2025, Opco could borrow up to an aggregate principal amount (excluding any capitalized interest) of $20.0 million. From the period beginning June 30 through September 29, 2025, Opco could borrow up to an aggregate principal amount (excluding any capitalized interest) of $30.0 million. Loans under the ICE Credit Facility did not amortize. Borrowings under the ICE Credit Facility accrued interest at a rate equal to, at Opco’s election, either the secured overnight financing rate (“SOFR”) for a term of one, three or six months plus 12%, or the prime rate plus 11%. Interest was payable quarterly in arrears with respect to borrowings bearing interest at the prime rate or on the last day of an interest period, but at least every three months, with respect to borrowings bearing interest at the term SOFR rate; provided, that Opco could elect to pay interest in kind by adding such interest amount to the principal amount of the outstanding borrowings under the ICE Credit Facility. For any interest period for which Opco elected to pay interest in kind, the applicable margin on the outstanding loans would increase by 1% per annum. Under certain circumstances, a default interest rate would apply on all obligations during the existence of an event of default under the ICE Credit Facility at a per annum rate equal to 2% above the otherwise applicable interest rate. Opco paid a commitment fee of 0.5% per annum on the daily average of the available commitment that could be borrowed, less the outstanding principal amount of all loans (excluding any capitalized interest). Fees were payable in cash quarterly and at maturity. Loans under the ICE Credit Facility could be prepaid without penalty, subject to customary breakage costs for loans bearing interest at the term SOFR rate. Amounts repaid under the ICE Credit Facility could be reborrowed prior to the maturity date, subject to certain customary conditions set forth in the ICE Credit Facility. The ICE Credit Facility contained customary affirmative and negative covenants, including negative covenants limiting the ability of the Company and its subsidiaries to, among other things, incur debt, grant liens, undergo certain fundamental changes, dispose of assets, make certain restricted payments and prepayments, enter into restrictive agreements, enter into transactions with affiliates, make investments, and amend certain agreements relating to debt, in each case, subject to limitations and exceptions set forth in the ICE Credit Facility. The ICE Credit Facility also contained various customary events of default that included, among others, payment defaults, breach of covenants, inaccuracy of representations and warranties, cross defaults to certain other indebtedness, bankruptcy and insolvency events, judgment defaults, and events constituting a change of control, subject to thresholds and cure periods as set forth in the ICE Credit Facility. The obligations under the ICE Credit Facility were required to be guaranteed by Bakkt and certain material domestic subsidiaries of the Company and secured by substantially all of the personal property of the Company and such subsidiary guarantors. On March 27, 2025, the Company drew down $5.0 million under ICE Credit Facility. As of March 31, 2025, approximately $5.0 million of borrowings were outstanding under the ICE Credit Facility. On June 18, 2025, the Company repaid all principal and accrued interest then outstanding on the ICE Credit Facility. On June 17, 2025, the Company, the Borrower and ICE entered into an amendment to the ICE Credit Facility to permit the issuance of the Convertible Debenture described in Note 7. On July 30, 2025, the Company terminated the ICE Credit Facility and repaid all fees due thereunder through the date of termination. The Company recognized interest expense of $0.2 million for the three and nine months ended September 30, 2025. No interest costs were incurred related to the ICE Credit Facility for the three and nine months ended September 30, 2024 since no borrowings were made under the ICE Credit Facility as of September 30, 2024. The effective interest rate on the ICE Credit Facility as of payoff on June 18, 2025 was 16.3%. ICE Management and Technical Support Upon consummation of the VIH Business Combination, the Company entered into a Transition Services Agreement with ICE (the “ICE TSA”), pursuant to which ICE provided insurance, digital warehouse, data center, technical support, and other transition-related services in exchange for quarterly service fees payable by us. The ICE TSA terminated in December 2023. Bakkt did not recognize any expense related to the ICE TSA for the three and nine months ended September 30, 2025 and September 30, 2024. As of September 30, 2025 and December 31, 2024, zero and $2.4 million was recorded as “Due to related party” in the consolidated balance sheets related to the ICE TSA, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 58,319	$ 39,049
Restricted cash	6,117	24,889
Customer funds	11,061	88,566
Available-for-sale securities	5,094	0
Accounts receivable, net	12,558	7,683
Prepaid insurance	3,960	3,971
Assets of businesses held for sale	20,879	17,519
Other current assets	2,487	2,168
Total current assets	120,475	183,845
Property, equipment and software, net	1,532	2,064
Goodwill	64,658	68,001
Intangible assets	5,550	2,900
Equity method investment	11,472	0
Derivative asset	43,350	0
Non-current assets held for sale	3,576	2,165
Other assets	7,649	10,403
Total assets	258,262	269,378
Current liabilities:
Accounts payable and accrued liabilities	18,009	14,260
Customer funds payable	11,061	88,566
Deferred revenue, current	789	0
Liabilities of businesses held for sale	20,852	33,907
Total current liabilities	53,775	143,845
Warrant liability	60,748	46,923
Noncurrent liabilities held for sale	4,968	0
Other noncurrent liabilities	10,207	15,757
Total liabilities	129,698	206,525
Commitments and contingencies (Note 15)
Additional paid-in capital	934,896	832,693
Accumulated other comprehensive loss	(603)	(841)
Accumulated deficit	(819,902)	(797,960)
Total Bakkt Holdings, Inc. stockholders' equity	114,394	33,894
Noncontrolling interest	14,170	28,959
Total equity	128,564	62,853
Total liabilities and equity	258,262	269,378
Related Party
Current liabilities:
Other current liabilities	0	2,360
Nonrelated Party
Current liabilities:
Other current liabilities	3,064	4,752
Class A Common Stock
Current liabilities:
Common stock, value	2	1
Class V Common Stock
Current liabilities:
Common stock, value	$ 1	$ 1

Segment Reporting - Narrative (Details) - Revenue Benchmark - Customer Concentration Risk	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Webull \| Service revenue
Concentration Risk [Line Items]
Concentration risk		74.00%
Bank of America \| Sales Channel, Loyalty Redemption Platform
Concentration Risk [Line Items]
Concentration risk		16.00%
Public Platform LLC ("Public") \| Crypto Services Revenue
Concentration Risk [Line Items]
Concentration risk	18.00%	9.00%

Segment Reporting - Segment Expense (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Crypto costs	$ 396,815			$ 312,841			$ 2,012,524	$ 1,636,514
Execution, clearing and brokerage fees	3,965			2,207			15,797	11,229
Operating income (loss) from continuing operations	(25,263)			(25,137)			(56,819)	(72,593)
Net loss	(23,156)	$ (30,152)	$ 16,239	(6,291)	$ (35,512)	$ (21,275)	(37,069)	(63,078)
Reportable Segment
Segment Reporting Information [Line Items]
Total revenues and gains from operations	402,211			316,333			2,036,070	1,654,814
Personnel	5,383			7,806			14,703	26,220
Non-cash compensation	7,782			2,324			16,639	12,226
Professional services	7,364			5,282			16,562	12,040
Technology	1,864			2,125			5,052	7,203
Occupancy	584			697			1,186	2,146
Marketing and promotions	123			1,180			327	2,323
Business insurance	1,183			4,286			4,009	11,189
Depreciation and amortization	153			107			527	282
Other operating costs	2,258			2,614			5,563	6,035
Crypto costs	396,815			312,841			2,012,524	1,636,514
Execution, clearing and brokerage fees	3,965			2,208			15,797	11,229
Total operating expenses	427,474			341,470			2,092,889	1,727,407
Operating income (loss) from continuing operations	(25,263)			(25,137)			(56,819)	(72,593)
Other expense (income), net	(3,709)			(21,374)			(27,761)	(17,922)
Net loss	$ (21,554)			$ (3,763)			$ (29,058)	$ (54,671)

Consolidated Balance Sheet Components - Narrative (Details) $ in Thousands			3 Months Ended		9 Months Ended
	Aug. 06, 2025 USD ($)	Aug. 06, 2025 JPY (¥)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Schedule of Equity Method Investments [Line Items]
Depreciation and amortization expense			$ 200	$ 100	$ 500	$ 300
Amortization expense of capitalized internal-use software placed in service			100	$ 100	500	200
Crypto asset			1,700		1,700		$ 1,200
Impairment of long-lived assets					708	889
Consideration transferred					11,472	$ 0
Equity method investment			11,472		11,472		$ 0
MHT
Schedule of Equity Method Investments [Line Items]
Ownership percentage	28.00%	28.00%
Consideration transferred	$ 11,500	¥ 1,676,551,082
Equity method investment			$ 79,500		$ 79,500

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2025	Aug. 06, 2025	Jun. 17, 2025	Jun. 16, 2025	Dec. 31, 2024	Apr. 29, 2024
Common stock, par value (in dollars per share)			$ 0.0001
Common stock, authorized (in shares)		570,000,000	70,000,000	30,000,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001				$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	560,000,000	560,000,000	60,000,000	30,000,000	560,000,000
Common stock, shares issued (in shares)	16,466,495				6,510,885
Common stock, outstanding (in shares)	16,466,495				6,510,885
Class V Common Stock
Common stock, par value (in dollars per share)	$ 0.0001				$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	10,000,000				10,000,000
Common stock, shares issued (in shares)	7,174,575				7,178,303
Common stock, outstanding (in shares)	7,174,575				7,178,303

Warrants (Details) - USD ($)				3 Months Ended			9 Months Ended
Warrants (Details) - USD ($)	Jul. 28, 2025	Mar. 04, 2024	Feb. 29, 2024	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Jul. 29, 2025	Jun. 17, 2025	Dec. 31, 2024	Apr. 29, 2024	Apr. 25, 2024
Class of Warrant or Right [Line Items]
Loss (gain) from change in fair value of warrant liability				$ 37,187,000	$ (19,984,000)		$ 13,543,000	$ (13,916,000)
Warrant liability				$ 60,748,000			$ 60,748,000				$ 46,923,000
Class Of Warrant Or Right, Term							5 years 6 months
Common stock, par value (in dollars per share)										$ 0.0001
Class A Common Stock
Class of Warrant or Right [Line Items]
Number of shares entitled to holders of each warrant (in shares)				0.04			0.04
Common stock, par value (in dollars per share)				$ 0.0001			$ 0.0001				$ 0.0001	$ 0.0001
Class A Common Stock \| Third-Party Offering
Class of Warrant or Right [Line Items]
Sale of stock, number of units/warrants issued (in shares)			1,396,701
Class A Common Stock \| ICE Offering
Class of Warrant or Right [Line Items]
Sale of stock, number of units/warrants issued (in shares)		461,361
Class A Common Stock \| Underwriting Agreement
Class of Warrant or Right [Line Items]
Sale of stock, number of units/warrants issued (in shares)	6,753,627
Common stock, par value (in dollars per share)	$ 0.0001
Sale of stock (in dollars per share)	10.00
Public warrants (treasury stock)
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)				7,140,383			7,140,383				7,140,383
Loss (gain) from change in fair value of warrant liability				$ 900,000	(20,000,000.0)		$ (1,900,000)	(13,900,000)
Public warrants (treasury stock) \| Class A Common Stock
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)				$ 287.50			$ 287.50
Pre-funded warrants
Class of Warrant or Right [Line Items]
Proceeds from the exercise of warrants						$ 0	$ 7,464,000	0
Sale of stock (in dollars per share)									$ 10.00
Pre-funded warrants \| Underwriting Agreement
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)	$ 0.0001
Sale of stock, number of units/warrants issued (in shares)	746,373
Sale of stock (in dollars per share)	$ 9.9999
Pre-funded warrants \| Class A Common Stock \| Third-Party Offering
Class of Warrant or Right [Line Items]
Sale of stock, number of units/warrants issued (in shares)			196,701
Warrants issued, number of units called by warrants (in shares)			448,742
Pre-funded warrants \| Class A Common Stock \| Underwriting Agreement
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)	$ 0.0001
Sale of stock, number of units/warrants issued (in shares)	746,373
Exercise of warrants (in shares)				718,108
Sale of stock (in dollars per share)	$ 9.9999
Warrants received upon exercise (in shares)				718,098
Class 1 And Class 2 Warrants
Class of Warrant or Right [Line Items]
Loss (gain) from change in fair value of warrant liability				$ 35,300,000	$ (19,400,000)		14,800,000	$ (15,200,000)
Warrant liability		$ 27,700,000											$ 2,600,000
Warrants and Rights Outstanding				$ 2,017,850			$ 2,017,850
Class 1 Warrants
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)			$ 25.50
Class Of Warrant Or Right, Threshold Period After Closing For Exercise Of Warrants			6 months
Class 1 Warrants \| Class A Common Stock \| Third-Party Offering
Class of Warrant or Right [Line Items]
Warrants issued, number of units called by warrants (in shares)			922,722
Class 1 Warrants \| Class A Common Stock \| ICE Offering
Class of Warrant or Right [Line Items]
Warrants issued, number of units called by warrants (in shares)		230,680
Class 2 Warrants
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)			$ 25.50
Class Of Warrant Or Right, Threshold Period After Closing For Exercise Of Warrants			6 months
Class 2 Warrants \| Class A Common Stock
Class of Warrant or Right [Line Items]
Number of shares entitled to holders of each warrant (in shares)				0.5			0.5
Class 2 Warrants \| Class A Common Stock \| Third-Party Offering
Class of Warrant or Right [Line Items]
Warrants issued, number of units called by warrants (in shares)			922,722
Class 2 Warrants \| Class A Common Stock \| ICE Offering
Class of Warrant or Right [Line Items]
Warrants issued, number of units called by warrants (in shares)		230,680

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stockholders’ Equity - Narrative (Details) - USD ($)							3 Months Ended		9 Months Ended
Stockholders’ Equity - Narrative (Details) - USD ($)	Jul. 30, 2025	Jul. 28, 2025	Apr. 25, 2024	Mar. 04, 2024	Feb. 29, 2024	Oct. 15, 2021	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Aug. 06, 2025	Jul. 29, 2025	Jun. 17, 2025	Jun. 16, 2025	Dec. 31, 2024	Apr. 29, 2024
Class of Stock [Line Items]
Preferred stock, authorized (in shares)							1,000,000		1,000,000
Preferred stock, par value (in dollars per share)							$ 0.0001		$ 0.0001
Preferred stock, issued (in shares)							0		0
Common stock, authorized (in shares)											570,000,000		70,000,000	30,000,000
Common stock, par value (in dollars per share)													$ 0.0001
Noncontrolling interest weighted average ownership percentage							35.50%		45.00%
Selling, general and administrative							$ 3,211,000	$ 7,830,000	$ 9,978,000	$ 19,744,000
Pre-funded warrants
Class of Stock [Line Items]
Sale of stock (in dollars per share)												$ 10.00
Class C Warrant
Class of Stock [Line Items]
Exercise price (in dollars per share)						$ 126.00
Selling, general and administrative							$ 0	$ 0	$ 0	$ 0
Class A Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)							560,000,000		560,000,000		560,000,000		60,000,000	30,000,000	560,000,000
Common stock, par value (in dollars per share)							$ 0.0001		$ 0.0001						$ 0.0001	$ 0.0001
Common stock, outstanding (in shares)							16,466,495		16,466,495						6,510,885
Common stock, shares issued (in shares)							16,466,495		16,466,495						6,510,885
Dividends									$ 0
Stock issued during period, shares, conversion of convertible securities (in shares)									1,063,576
Class A Common Stock \| Conversion of Paired Interests Into Class A Common Stock
Class of Stock [Line Items]
Stock issued during period, shares, conversion of convertible securities (in shares)							2,501		3,728
Class V Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)							10,000,000		10,000,000						10,000,000
Common stock, par value (in dollars per share)							$ 0.0001		$ 0.0001						$ 0.0001	$ 0.0001
Common stock, outstanding (in shares)							7,174,575		7,174,575						7,178,303
Common stock, shares issued (in shares)							7,174,575		7,174,575						7,178,303
Class V Common Stock \| Conversion Of Opco Class A, Class B, And Class C Voting Units Into Class V Common Stock \| Opco
Class of Stock [Line Items]
Stock issued during period, shares, conversion of convertible securities (in shares)						7,597,331
Class V Common Stock \| Conversion of Opco Incentive Units \| Opco
Class of Stock [Line Items]
Stock issued during period, shares, conversion of convertible securities (in shares)						698,934
Paired Interest Rights \| Class C Warrant
Class of Stock [Line Items]
Warrants issued, number of units called by warrants (in shares)						31,734
Voting Class A \| Conversion Of Opco Class A, Class B, And Class C Voting Units Into Class V Common Stock \| Opco
Class of Stock [Line Items]
Stock issued during period, shares, conversion of convertible securities (in shares)						16,000,000
Voting Class B \| Conversion Of Opco Class A, Class B, And Class C Voting Units Into Class V Common Stock \| Opco
Class of Stock [Line Items]
Stock issued during period, shares, conversion of convertible securities (in shares)						7,698,138
Voting Class C \| Conversion Of Opco Class A, Class B, And Class C Voting Units Into Class V Common Stock \| Opco
Class of Stock [Line Items]
Stock issued during period, shares, conversion of convertible securities (in shares)						10,810,810
Underwriting Agreement
Class of Stock [Line Items]
Gross proceeds	$ 70,400,000
Underwriting Agreement \| Pre-funded warrants
Class of Stock [Line Items]
Sale of stock, number of units/warrants issued (in shares)		746,373
Sale of stock (in dollars per share)		$ 9.9999
Exercise price (in dollars per share)		$ 0.0001
Underwriting Agreement \| Class A Common Stock
Class of Stock [Line Items]
Sale of stock, number of units/warrants issued (in shares)		6,753,627
Sale of stock (in dollars per share)		$ 10.00
Common stock, par value (in dollars per share)		$ 0.0001
Underwriting Agreement \| Class A Common Stock \| Sale Of Stock, Term To Not Offer Or Transfer Shares, Term One
Class of Stock [Line Items]
Term to not offer or transfer shares (in days)	60 days
Underwriting Agreement \| Class A Common Stock \| Sale Of Stock, Term To Not Offer Or Transfer Shares, Term Two
Class of Stock [Line Items]
Term to not offer or transfer shares (in days)	90 days
Underwriting Agreement \| Class A Common Stock \| Pre-funded warrants
Class of Stock [Line Items]
Sale of stock, number of units/warrants issued (in shares)		746,373
Sale of stock (in dollars per share)		$ 9.9999
Exercise price (in dollars per share)		$ 0.0001
Third-Party Offering
Class of Stock [Line Items]
Gross proceeds					$ 37,600,000
Third-Party Offering \| Class A Common Stock
Class of Stock [Line Items]
Sale of stock, number of units/warrants issued (in shares)					1,396,701
Third-Party Offering \| Class A Common Stock \| Pre-funded warrants
Class of Stock [Line Items]
Sale of stock, number of units/warrants issued (in shares)					196,701
Warrants issued, number of units called by warrants (in shares)					448,742
ICE Offering
Class of Stock [Line Items]
Gross proceeds			$ 7,400,000		$ 2,400,000
Sale of Stock, Expected Consideration To Be Received on Transaction					$ 9,800,000
ICE Offering \| Class A Common Stock
Class of Stock [Line Items]
Sale of stock, number of units/warrants issued (in shares)				461,361

Share-Based and Unit-Based Compensation - Unit Activity (Details) - Common Incentive Units [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Number of Common Incentive Units
Beginning balance (in shares)	287	309	309
Granted (in shares)	0	0
Forfeited (in shares)	0	0
Exchanged	(4)	(5)
Ending balance (in shares)	283	304	287	309
Weighted Average Remaining Contractual Term (years)	0 years	0 years	0 years	0 years
Weighted Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 166.75	$ 166.75	$ 166.75
Ending balance (in usd per share)	$ 166.75	$ 166.75	$ 166.75	$ 166.75
Aggregate Intrinsic Value
Outstanding	$ 47,246	$ 50,677	$ 47,867	$ 51,467

Net Loss per share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Per Share Computations For Net Loss

The following is a reconciliation of the denominators of the basic and diluted per share computations for net income (loss) (in thousands, except share and per share data):


	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Net loss per share:
Numerator – basic and diluted:
Net loss from continuing operations	$	(21,554)	$	(3,763)	$	(29,058)	$	(54,671)
Less: Net loss from continuing operations attributable to noncontrolling interest	(7,668)		(2,033)		(11,858)		(30,854)
Net loss from continuing operations attributable to Bakkt Holdings, Inc.	(13,886)		(1,730)		(17,200)		(23,817)


Net loss from discontinued operations attributable to Bakkt Holdings, Inc.	$	(1,032)	$	(1,163)	$	(4,742)	$	(3,663)
Net loss attributable to Bakkt Holdings, Inc.	$	(14,918)	$	(2,893)	$	(21,942)	$	(27,480)




Denominator – basic and diluted:

Weighted average shares outstanding	13,015,011		6,361,793		8,783,195		5,642,609




Net loss per share from continuing operations attributable to Bakkt Holdings, Inc.	$	(1.07)	$	(0.27)	$	(1.96)	$	(4.22)
Net loss per share from discontinued operations attributable to Bakkt Holdings, Inc.	$	(0.08)	$	(0.18)	$	(0.54)	$	(0.65)
Net loss per share attributable to Bakkt Holdings, Inc.	$	(1.15)	$	(0.45)	$	(2.50)	$	(4.87)

Schedule of Weighted-Average Potential Common Shares Excluded From Diluted Loss Per Common Share

The following table summarizes the total potential common shares excluded from diluted earnings per common share as their effect would be anti-dilutive (in thousands):


	Three Months Ended September 30, 2025	Three Months Ended September 30, 2024	Nine Months Ended September 30, 2025	Nine Months Ended September 30, 2024
RSUs and PSUs (treasury stock)	2,750	1,274	2,750	1,274
Public warrants (treasury stock)	286	286	286	286
Class 1 and Class 2 warrants (treasury stock)	2,018	2,018	2,018	2,018

Opco warrants (if-converted)	—	32	—	32
Opco common units (if-converted)	7,175	7,195	7,175	7,195
Total	12,229	10,805	12,229	10,805

Consolidated Balance Sheet Components - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Operating lease liability, noncurrent	$ 10,207	$ 15,757
Total	$ 10,207	$ 15,757

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Revenue from Contracts with Customers - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Number of reportable segments \| segment			1
Contract costs	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Geographic Distribution, Foreign
Disaggregation of Revenue [Line Items]
Revenue	$ 54.9	$ 9.4	$ 121.9	$ 32.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Discontinued Operations

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Our Loyalty Business offered a full spectrum of supplier content through configurable, white-label e-commerce storefronts that end users can acquire via redemption of loyalty points. The Company's redemption catalog spanned a variety of rewards categories including travel, gift cards and merchandise, including a unique Apple product and services storefront. The travel solution offered a retail e-commerce booking platform with direct supplier integrations, as well as a U.S.-based call center for live-agent booking and servicing. The Company's platform provided a unified shopping experience that was built to seamlessly extend the Company's customers’ loyalty strategies and user experience for their loyalty programs. Bakkt's platform’s functionality included a mobile-optimized user interface, numerous configurations to support diverse program needs, promotional campaign services, comprehensive fraud protection capabilities and the ability to split payments across both loyalty points and credit cards. On July 23, 2025, the Company agreed to sell the Loyalty Business, and closed the sale on October 1, 2025. Refer to Note 20 for further details. As described in Note 2, the Loyalty business is reported as a discontinued operation.

The following table summarizes the results of discontinued operations for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Revenues:

Loyalty services revenues	$	9,269	$	12,086	$	28,202	$	38,085

Operating expenses:


Compensation and benefits	8,868		11,217		28,855		36,747
Professional services	48		64		111		320
Technology and communication	1,451		2,076		4,619		6,351
Selling, general and administrative	295		663		947		2,075




Impairment of long-lived assets	228		—		228		145

Other operating costs	165		312		679		1,091
Total operating expenses	11,055		14,332		35,439		46,729
Operating loss	(1,786)		(2,246)		(7,237)		(8,644)



Other income (expense), net	202		(283)		(772)		234
Loss before income taxes	(1,584)		(2,529)		(8,009)		(8,410)
Income tax (expense) benefit	(18)		1		(2)		3
Loss from discontinued operations	$	(1,602)	$	(2,528)	$	(8,011)	$	(8,407)

As of September 30, 2025 and December 31, 2024, the major classes of assets and liabilities of the Loyalty Business classified as held for sale were as follows (in thousands):


	As of September 30, 2025 (Unaudited)		As of December 31, 2024
Assets
Current assets:




Accounts receivable, net	$	20,377	$	16,965
Prepaid insurance	—		1

Other current assets	502		553
Total current assets	20,879		17,519




Other assets	3,576		2,165
Total assets	$	24,455	$	19,684
Liabilities
Current liabilities:
Accounts payable and accrued liabilities	$	18,758	$	25,651

Deferred revenue, current	1,440		1,605




Other current liabilities	654		526
Total current liabilities	20,852		27,782
Deferred revenue, noncurrent	1,864		2,621

Other noncurrent liabilities	3,104		3,504
Total liabilities	25,820		33,907

The following summarizes the significant non-cash operating activities for discontinued operations for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30, 2025	Three Months Ended September 30, 2024	Nine Months Ended September 30, 2025	Nine Months Ended September 30, 2024

Non-cash lease expense	137	145	416	435
Share-based compensation expense	334	321	1,158	839
Total	$471	$466	$1,574	$1,273

Consolidated Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Trade accounts receivable	$	708	$	164
Receivables from customers, clients and liquidity partners	3,903		5,833
Unbilled receivables	27		2
Deposits	2,208		1,242
Other receivables	5,948		1,250
Total accounts receivable	12,794		8,491
Less: Allowance for doubtful accounts	(236)		(808)
Total	$	12,558	$	7,683

Schedule of Other Current Assets

Other current assets consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Prepaid expenses	$	1,721	$	2,016

Other	766		152
Total	$	2,487	$	2,168

Schedule of Property, Equipment and Software, Net

Property, equipment and software, net consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Internal-use software	$	1,901	$	1,917
Other computer and network equipment	878		867
Leasehold improvements	276		276
Property, equipment and software, gross	3,055		3,060
Less: accumulated amortization and depreciation	(1,523)		(996)
Total	$	1,532	$	2,064

Equity Method Investments

Our equity method investment balances were as follows (in thousands):


	September 30, 2025		December 31, 2024
Equity method investment	$	11,472	—

Schedule of Other Assets

Other assets consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Operating lease right-of-use assets	$	5,280	$	7,946
Deposits with clearinghouse	—		—
Other	2,369		2,457
Total	$	7,649	$	10,403

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Accounts payable	$	994	$	1,767
Payables to clients and customers	9,190		6,111

Accrued expenses	4,705		3,305
Purchasing card payable	143		2
Salaries and benefits payable	650		491

Other	2,327		2,584
Total	$	18,009	$	14,260

Other Current Liabilities

Other current liabilities consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Current maturities of operating lease liability	2,307		3,793
Other	757		959

Total	$	3,064	$	4,752

Other Noncurrent Liabilities

Other noncurrent liabilities consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Operating lease liability, noncurrent	$	10,207	$	15,757

Total	$	10,207	$	15,757

Share-Based and Unit-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based and Unit-Based Compensation

2021 Incentive Plan

Bakkt's 2021 Omnibus Incentive Plan, as amended (the “2021 Incentive Plan”), became effective on the Closing Date with the approval of VIH’s shareholders and the Board. The 2021 Incentive Plan allows the Company to make equity and equity-based incentive awards to employees, non-employee directors and consultants. There were initially 1,032,677 shares of Class A Common Stock reserved for issuance under the 2021 Incentive Plan which can be granted as stock options, stock appreciation rights, restricted shares, restricted stock units ("RSUs"), performance stock units ("PSUs"), dividend equivalent rights and other share-based awards. On June 6, 2023, the Incentive Plan was amended to increase the shares reserved for issuance under the 2021 Incentive Plan by 1,063,618 shares. On May 31, 2024, the 2021 Incentive Plan was again amended to increase the shares reserved for issuance under the 2021 Incentive Plan by 938,625 shares for a new aggregate total of 3,034,920 shares. On June 17, 2025, the 2021 Incentive Plan was once more amended to increase the shares reserved for issuance under the 2021 Incentive Plan by 979,201 shares for a new aggregate of 4,014,121 shares. No award granted under the 2021 Incentive Plan may vest earlier than the first anniversary of the date of grant, subject to limited exceptions.

Inducement Awards

In connection with Mr. Naheta’s appointment as Co-CEO, Mr. Naheta received (i) 1,607,717 PSUs and (2) 11,426 RSUs (together, the “Inducement Grant”). The RSUs vest on March 19, 2026, subject to Mr. Naheta’s continued service with the Company. The PSUs vest over a three-year performance period based on attainment of stock price appreciation metrics that are measured based on a rolling 90-day volume weighted average price. The Inducement Grant is subject to the terms of the 2021 Incentive Plan as if granted thereunder.

Stock Option Awards

In connection with the Offering, on July 29, 2025, the Board and its Compensation Committee (the “Compensation Committee”) granted stock options to select members of management to purchase up to 2,000,000 shares of Class A Common Stock (the “Options”), subject to approval by the Company's shareholders, which approval was obtained on October 31, 2025. For accounting purposes, the Options were not deemed to be granted until shareholder approval was obtained on October 31, 2025, and therefore the expense was recognized for the Options during the three months or nine months ended September 30, 2025. No consideration was received by the Company for the granting of the Options. Due to the limited share reserve under the 2021 Incentive Plan, the Options were approved outside the 2021 Incentive Plan. Notwithstanding the foregoing, the Options will be governed in all respects as if issued under the 2021 Incentive Plan, except with respect to the 2021 Incentive Plan’s minimum vesting requirements.

The Options are structured as a commitment by the grantee to exercise a predetermined number of Options every quarter for eight quarters (such committed number of Options, the “Mandatory Exercise Options”) at an exercise price per share of $10.00, which reflected the fair market value of a share of Class A Common Stock on the date of the grant. For each quarter in which the grantee exercises the Mandatory Exercise Options, the grantee will be entitled to exercise an additional number of Options (the “Optional Exercise Options”), which Optional Exercise Options will become exercisable for a period of one year. If a grantee does not exercise the Mandatory Exercise Options in any quarterly tranche during the applicable mandatory exercise period, then the grantee's remaining Options (in respect of the current quarterly tranche and any subsequent quarterly tranche) will be forfeited automatically. In order to further facilitate management’s continued participation and investment in Company growth, in the event that any Options are forfeited by a grantee in accordance with the forfeiture terms set forth above, the Options will be available for reallocation and future grant by the

Compensation Committee to service providers of the Company, as identified by the Compensation Committee, and which subsequent grants will be in the form of stock options made on the same terms as the Options and will have an exercise price equal to or greater than fair market value as of such applicable date of grant.

Share-Based Compensation Expense

During the three and nine months ended September 30, 2025, the Company granted 44,220 and 932,101 RSUs, respectively, to employees and directors. During the three and nine months ended September 30, 2025, the Company granted 0 and 1,793,873 PSUs, respectively. During the three and nine months ended September 30, 2024, Bakkt granted 15,756 and 1,044,308 RSUs, respectively, to employees and directors. During the three and nine months ended September 30, 2024, Bakkt granted 221,065 PSUs.

Bakkt recorded $4.5 million and $10.0 million of share-based compensation expense related to RSUs during the three and nine months ended September 30, 2025, respectively. During the three and nine months ended September 30, 2024, the Company recorded $2.1 million and $11.7 million of share-based compensation expense related to RSUs, respectively. The Company recorded $3.3 million and $6.5 million of share-based compensation expense related to PSUs during the three and nine months ended September 30, 2025. During the three and nine ended September 30, 2024, the Company recorded $0.2 million and $0.5 million respectively of share-based compensation expense related to PSUs. Share-based compensation expense for both RSUs and PSUs, is included in “Compensation and benefits” in the consolidated statements of operations, except where classified as Restructuring expenses for certain accelerated vestings as described below.

Unrecognized compensation expense as of September 30, 2025 and December 31, 2024 was $13.0 million and $11.7 million, respectively, for the RSUs and PSUs. The unrecognized compensation expense as of September 30, 2025 and December 31, 2024 will be recognized over a weighted-average period of 0.94 years and 1.36 years, respectively.

RSU and PSU Activity

The following tables summarize RSU and PSU activity for the nine months ended September 30, 2025 and September 30, 2024 (in thousands, except per unit data):


RSUs and PSUs	Number of RSUs and PSUs	Weighted Average Remaining Contractual Term (years)	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding as of December 31, 2023	521	1.38	$	69.75
Granted	1,265		$	13.29	$	16,816
Forfeited	(167)
Vested	(345)
Outstanding as of September 30, 2024	1,274	1.59	$	13.69

Outstanding as of December 31, 2024	1,421	1.36	$	18.17
Granted	2,726		$	9.91	$	26,800
Forfeited	(401)
Vested	(996)
Outstanding as of September 30, 2025	2,750	0.94	$	10.83

During the three and nine months ended September 30, 2025, Bakkt recorded $3.2 million and $5.1 million, respectively of share-based compensation expense related to the accelerated vesting of awards for certain employees, primarily related to the Sale of Bakkt Trust and termination of former executives. Of these amounts, the accelerated expense recorded for Andy Main's separation as CEO was $3.2 million. During the three and nine months ended

September 30, 2024, we recorded zero and $4.9 million, respectively, of share-based compensation expense related to the accelerated vesting of awards for certain employees, primarily related to the termination of a former executive. Acceleration of share-based compensation expense related to the Company's restructuring efforts is included in “Restructuring expenses” in the consolidated statements of operations.

Total fair value of vested RSU and PSU awards was $4.0 million and $10.9 million for the three and nine months ended September 30, 2025, respectively. Total fair value of vested RSU and PSU awards was $0.3 million and $6.8 million for the three and nine months ended September 30, 2024, respectively.

The fair value of the RSUs and PSUs used in determining share-based compensation expense is based on the closing price of Common Stock on the grant date for standard RSUs and PSUs. For PSUs with market conditions, fair value was determined using a Monte Carlo simulation model, along with a Geometric Brownian Motion formula to model stock price movements. The assumptions noted in the table below were used to estimate the fair value of the PSUs with market conditions.


Initial stock price	$8.71 - $12.79
Expected term (years)	2 - 3 years
Coefficient of variation	-
Risk free rate	3.79% - 3.98%
Volatility	125	%
Dividend yield	0%

PSUs provide an opportunity for the recipient to receive a number of shares of Common Stock based on various performance metrics. Upon vesting, each PSU equals one share of Common Stock. The Company accrues compensation expense for the PSUs based on management's assessment of the probable outcome of the performance conditions. PSUs awarded in 2025 are subject to market-based vesting conditions tied to the Company’s stock performance. Specifically, PSUs vest based on the achievement of a target stock price, determined using the volume-weighted average price ("VWAP") of the Common Stock over a specified period. Vesting occurs only if the Company's average stock price meets or exceeds predetermined VWAP thresholds during the measurement period and the recipients provide at least one year of service. The metrics for PSUs granted during 2024 relate to the Company's performance during fiscal year 2024, as measured against objective performance goals approved by the Board. The actual number of units earned range from 0% to 150% or 200% of the target number of units depending on the metric and achievement of the 2024 performance goals. PSUs granted in 2024 vest in two equal annual installments from 2025 to 2026. The metrics for PSUs granted during 2023 relate to Bakkt's performance during fiscal year 2023, as measured against objective performance goals approved by the Board. The actual number of units earned range from 0% to 150% of the target number of units depending upon achievement of the 2023 performance goals. PSUs granted in 2023 vest in three equal annual installments from 2024 to 2026. The metrics for PSUs granted during 2022 relate to the Company's performance during fiscal years 2022, 2023 and 2024, as measured against objective performance goals as determined by the Board. The actual number of units earned range from 0% to 150% of the target number of units depending upon achievement of each year’s performance goals. PSUs granted in 2022 vest in three equal annual installments, subject to a catch-up provision over the three annual performance targets.

In connection with the Reorganization, the Company transferred to NewCo, and NewCo assumed, the Company’s rights and obligations under each (a) stock option to purchase a share of Common Stock (each, a “Stock Option”), (b) time-based RSUs, (c) PSUs and (d) right to acquire, receive or vest in a share of Common Stock (which, for the avoidance of doubt, excluded any awards granted under the Opco Plan) (each, a “Stock Award” and together with the Stock Options, the RSUs and the PSUs, the “Awards”) that was outstanding immediately prior to the effective time of the Restructuring. The Awards were converted into awards denominated in shares of NewCo Class A Common Stock of the same class and with the same rights and privileges and the same terms and conditions as were applicable immediately prior to the Restructuring,

and including, for Stock Options, at an exercise price per share equal to the exercise price per share for the applicable share of Common Stock.

Opco Plan

Preferred incentive units and common incentive units (collectively, “incentive units”) represent an ownership interest in Opco and are entitled to receive distributions from Opco, subject to certain vesting conditions. Opco classifies incentive units as equity awards on its consolidated balance sheets. Participation units, issued directly by Opco to Opco Plan participants, do not represent an ownership interest in Opco but rather provide Opco Plan participants the contractual right to participate in the value of Opco, if any, through either a cash payment or issuance of Common Stock upon the occurrence of certain events following vesting of the participation units. Refer to Note 11 to the consolidated financial statements included in the Company's 2024 Form 10-K where the modifications to the Opco Plan are described in detail.

Upon consummation of the VIH Business Combination, the 76,475,000 outstanding preferred incentive units and 23,219,745 outstanding common incentive units were converted into 17,473,362 common incentive units, and the 10,811,502 outstanding participation units were converted into 1,197,250 participation units. Opco preferred incentive units and common incentive units outstanding prior to the VIH Business Combination, as well as participation units, were not impacted by the Reverse Stock Split discussed in Note 2, therefore these amounts are presented without consideration of the Reverse Stock Split Ratio. Contemporaneously with the conversion, approximately one-third of the awards in the Opco Plan vested. The second tranche vested on the one-year anniversary of the Closing Date and the third tranche vested on the two-year anniversary of the Closing Date, although under the terms of the Opco Plan, employees who were terminated without cause after the Closing Date vested in the unvested portion of their awards immediately upon their termination date. There has not been, and will not be, any additional awards made under the Opco Plan following the VIH Business Combination.

In connection with the Reorganization, each membership unit of Bakkt Management, LLC (the “Management Vehicle”) issued and outstanding immediately prior to the Reorganization was exchanged for the corresponding common unit of Opco (each such unit, an “Opco Incentive Unit”) granted under the Opco Plan, as amended, held by the Management Vehicle, together with the share of NewCo Class V Common Stock paired therewith, and each Opco Incentive Unit, together with the share of NewCo Class V Common Stock paired therewith, issued and outstanding immediately prior to the Reorganization was exchanged for the right to receive one validly issued, fully paid and nonassessable share of NewCo Class A Common Stock.

Incentive Unit Activity

The following table summarizes common incentive unit activity under the Opco Plan for the nine months ended September 30, 2025 and September 30, 2024 (in thousands, except per unit data):


Common Incentive Units	Number of Common Incentive Units	Weighted Average Remaining Contractual Term (years)	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding as of December 31, 2024	287	0	$	166.75	$	47,867
Granted	—
Forfeited	—
Exchanged	(4)
Outstanding as of September 30, 2025	283	0	$	166.75	$	47,246


Common Incentive Units	Number of Common Incentive Units	Weighted Average Remaining Contractual Term (years)	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding as of December 31, 2023	309	0	$	166.75	$	51,467
Granted	—
Forfeited	—
Exchanged	(5)
Outstanding as of September 30, 2024	304	0	$	166.75	$	50,677

The Company did not make any cash payments to settle vested participation units during the nine months ended September 30, 2025 or September 30, 2024.

As of October 31, 2025, there are no outstanding incentive units remaining under the Opco Plan.

Warrants	9 Months Ended
Warrants	Sep. 30, 2025
Other Liabilities Disclosure [Abstract]
Warrants	Warrants As of September 30, 2025 and December 31, 2024, there were 7,140,383 public warrants to purchase Class A Common Stock (the "Public Warrants") outstanding. The Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. Holders of The Public Warrants can exercise 25 Public Warrants to purchase one share of Class A Common Stock at an exercise price of $287.50 per share. The Public Warrants became exercisable on November 15, 2021. The Public Warrants will expire on October 15, 2026, or earlier upon redemption or liquidation. Bakkt may redeem the outstanding warrants when various conditions are met, such as specific stock prices, as detailed in the specific warrant agreements. The warrants are recorded as a liability and reflected as “Warrant liability” in the consolidated balance sheets. No proceeds were received from the exercise of the Public Warrants during the three months ended September 30, 2025. During the nine months ended September 30, 2025 and three and nine months ended September 30, 2024, the Company received an immaterial amount of proceeds from the exercise of the Public Warrants. From the change in fair value of the warrant liability, Bakkt recognized a gain of $0.9 million and a loss of $1.9 million during the three and nine months ended September 30, 2025, respectively. During the three and nine months ended September 30, 2024, Bakkt recognized a gain of $20.0 million and a gain of $13.9 million, respectively. As discussed further in Note 11, in connection with the Concurrent Offerings (as defined below), Bakkt issued and sold to the Third-Party Purchasers (as defined below) an aggregate of 1,396,701 shares of the Company’s Class A Common Stock, including 196,701 shares of Class A Common Stock issued upon exercise of certain of the 2024 Pre-Funded Warrants (as defined below) prior to the Third-Party Closing, Class 1 Warrants (“Class 1 Warrants”) to purchase an aggregate of 922,722 shares of Class A Common Stock, Class 2 Warrants (“Class 2 Warrants”) to purchase an aggregate of 922,722 shares of Class A Common Stock and Pre-Funded Warrants (“2024 Pre-Funded Warrants”) to purchase an aggregate of 448,742 shares of Class A Common Stock. Concurrently, under the terms of the ICE Offering (as defined below) the Company entered into a securities purchase agreement (the “ICE Purchase Agreement” and, together with the Third-Party Purchase Agreement, the “Purchase Agreements”) with ICE, pursuant to which Bakkt issued and sold to ICE an aggregate of 461,361 shares of Class A Common Stock, Class 1 Warrants to purchase an aggregate of 230,680 shares of Class A Common Stock, and Class 2 Warrants to purchase an aggregate of 230,680 shares of Class A Common Stock. The consummation of the transactions contemplated by the ICE Purchase Agreement occurred on March 4, 2024 and April 25, 2024. The Class 1 and Class 2 Warrants each have an exercise price of $25.50 and have a five-and-a-half year term. The Class 1 and Class 2 Warrants may each be exercised at any time after the 6 month anniversary of the relevant closing. The Class 2 warrant agreement contains an alternative exercise clause that entitles the holder to exchange two warrants for a share of stock if certain conditions are met. The Class 1 and Class 2 Warrants issued in the Concurrent Offerings are initially recorded as a liability at fair value and reflected as “Warrant liability” in the consolidated balance sheets. The Class 1 Warrants and Class 2 Warrants issued on April 25, 2024 were valued at $2.6 million using the Black-Scholes-Merton model for Class 1 Warrants and a binomial lattice model for the Class 2 Warrants. Prior to the second quarter of 2024, the Company used a Monte Carlo simulation to measure the fair value of the Class 2 Warrants. During the second quarter of 2024, management adopted a binomial lattice model as the valuation technique as management believes it provides a more accurate and relevant measure of the fair value of the Class 2 Warrants. The Class 1 Warrants and Class 2 Warrants issued on March 4, 2024 were valued at $27.7 million using the Black-Scholes-Merton model for Class 1 Warrants and a Monte Carlo simulation for the Class 2 Warrants. As of September 30, 2025, Class 1 Warrants and Class 2 Warrants exercisable for 2,017,850 shares of Class A Common Stock remain outstanding. Bakkt recognized a loss from the change in fair value of the warrant liability associated with the Class 1 and Class 2 Warrants of $35.3 million and $14.8 million during the three and nine months ended September 30, 2025, respectively. The Company recognized a gain from the change in fair value of the warrant liability associated with the Class 1 and Class 2 Warrants during the three and nine months ended September 30, 2024 of $19.4 million and $15.2 million, respectively. During the three months ended March 31, 2024, holders exercised all of the Pre-Funded Warrants. The proceeds received from the exercise of 2024 Pre-Funded Warrants were immaterial. As discussed further in Note 11, in connection with the Underwriting Agreement entered into on July 28, 2025, the Company issued pre-funded warrants (the “2025 Pre-Funded Warrants”) to purchase an aggregate of 746,373 shares of the Company’s Class A common stock, par value $0.0001 per share. The 2025 Pre-Funded Warrants were issued as part of the Company’s public offering of Class A common stock and were sold at a price of $9.9999 per warrant, representing the $10.00 per share public offering price less the $0.0001 per share exercise price. Each Pre-Funded Warrant is exercisable at any time after the date of issuance until exercised in full, subject to certain ownership limitations. During the three months ended September 30, 2025, 718,108 pre-funded warrants were exercised for 718,098 shares.

Consolidated Balance Sheet Components - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 994	$ 1,767
Payables to clients and customers	9,190	6,111
Accrued expenses	4,705	3,305
Purchasing card payable	143	2
Salaries and benefits payable	650	491
Other	2,327	2,584
Total	$ 18,009	$ 14,260

Consolidated Balance Sheet Components - Property, Equipment and Software, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	$ 3,055	$ 3,060
Less: accumulated amortization and depreciation	(1,523)	(996)
Total	1,532	2,064
Internal-use software
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	1,901	1,917
Other computer and network equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	878	867
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	$ 276	$ 276

Commitment and Contingencies - Narrative (Details) - USD ($)			1 Months Ended		3 Months Ended		9 Months Ended
	Jul. 23, 2025	Mar. 17, 2025	Jul. 31, 2024	Dec. 31, 2021	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2025	Feb. 28, 2025	Jan. 31, 2025	Dec. 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Apr. 07, 2022
Other Commitments [Line Items]
Expenses related to 401(k) plan					$ 100,000	$ 200,000	$ 400,000	$ 700,000
Maximum borrowing capacity									$ 15,000,000	$ 18,000,000	$ 18,000,000	$ 20,000,000	$ 20,000,000	$ 35,000,000	$ 35,000,000
Liquidity maintenance requirement, minimum					1,500,000		1,500,000								$ 7,000,000
Loss on Contract Termination			$ 1,100,000
Discontinued Operations, Held-for-Sale \| Loyalty Business
Other Commitments [Line Items]
Divestiture Of Business, Accrual For Loss From Discontinued Operations					$ 20,500,000		$ 20,500,000
Opco
Other Commitments [Line Items]
Minimum term of restricted cash to be held (in months)	18 months
Price per share from business combination (in dollars per share)	$ 1.00
Cash consideration	$ 11,000,000
Opco \| Working Capital Adjustment Escrow Account
Other Commitments [Line Items]
Cash consideration	1,500,000
Opco \| Indemnity Escrow Account
Other Commitments [Line Items]
Cash consideration	$ 1,000,000
ICE \| Related Party
Other Commitments [Line Items]
Equity Purchase Agreement, Amount		$ 1,500,000
Banking Regulation, Tangible Capital, Actual		$ 3,000,000
Cloud Computing Arrangement
Other Commitments [Line Items]
Purchase obligation term (in years)				4 years

Fair Value Measurements (Details) $ in Thousands	9 Months Ended
Fair Value Measurements (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of December 31, 2024	$ 0
Change in fair value	43,350
Balance as of September 30, 2025	$ 43,350

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Financial assets and liabilities that are measured at fair value on a recurring basis are classified as Level 1, Level 2 and Level 3 as follows (in thousands):


	As of September 30, 2025
	Total		Level 1		Level 2		Level 3
Assets:


Crypto assets	$	1,716	$	—	$	1,716	$	—
Derivative asset	43,350		—		—		43,350
Total Assets	$	45,066	$	—	$	1,716	$	43,350

Liabilities:

Warrant liability - Class 1 and Class 2 warrants	$	57,252	$	—	$	—	$	57,252
Warrant liability - public warrants	3,213		3,213		—		—
Pre-funded warrants	283		—		—		283
Total Liabilities	$	60,748	$	3,213	$	—	$	57,252


	As of December 31, 2024
	Total		Level 1		Level 2		Level 3





Liabilities:

Warrant liability - Class 1 and Class 2 warrants	$	42,782	$	—	$	—	$	42,782
Warrant liability - public warrants	4,141		4,141		—		—
Total Liabilities	$	46,923	$	4,141	$	—	$	42,782

Fair Value Measurement Inputs and Valuation Techniques

Inputs used to calculate the estimated fair value of the derivative assets at September 30, 2025 were as follows:


	Derivative assets
Mean monthly return	1.5	%
Volatility	69.0	%
Time to maturity (years)	10
Time to liquidity (months)	1 month
Risk free rate	0.5	%

The significant unobservable inputs used for the fair value measurement of the Class 1 Warrants and Class 2 Warrants liabilities as of September 30, 2025 are summarized as follows:


Expected term (years)			3.93
Continuous risk-free rate			3.6%
Expected volatility			125.0%

Level 3 Assets

The following table presents changes in Level 3 assets measured at fair value for the nine months ended September 30, 2025. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category.


	Derivative assets
Balance as of December 31, 2024	$	—
Change in fair value	43,350
Balance as of September 30, 2025	$	43,350

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Revenue from Contracts with Customers - Deferred Revenue (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Contract with Customer, Liability [Roll Forward]
Beginning of the period contract liability	$ 0	$ 0
Revenue recognized from contract liabilities included in the beginning balance	0	0
Increases due to cash received, net of amounts recognized in revenue during the period	789	0
End of the period contract liability	$ 789	$ 0

Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Commitments

As of September 30, 2025, the Company's outstanding purchase obligations, net of the settlement described above, consisted of the following future minimum commitments (in thousands):


	Payments Due by Period
	Less than 1 year		1-3 years		3-5 years		More than 5 years		Total
Purchase obligations	$	4,500	$	1,500	$	—	$	—	$	6,000

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The Company disaggregates Crypto Services revenue by service type as follows (in thousands):


Service Type	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Transaction revenue	$	402,196	$	316,299	$	2,036,025	$	1,654,748
Service revenue	15		34		45		66
Crypto services revenue	402,211		316,333		2,036,070		1,654,814

Contract Liabilities

The activity in deferred revenue for the nine months ended September 30, 2025 and September 30, 2024, respectively, was as follows (in thousands):


	Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Beginning of the period contract liability	$	—	$	—
Revenue recognized from contract liabilities included in the beginning balance	—		—
Increases due to cash received, net of amounts recognized in revenue during the period	789		—
End of the period contract liability	$	789	$	—

Consolidated Balance Sheet Components - Equity Method Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Equity method investment	$ 11,472	$ 0

- Definition

+ References + Details

Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Debtentures	Pre-funded warrants	Class A Common Stock	Class V Common Stock	Total Stockholders’ Equity	Total Stockholders’ Equity Debtentures	Total Stockholders’ Equity Pre-funded warrants	Common Stock Class A Common Stock	Common Stock Class A Common Stock Debtentures	Common Stock Class A Common Stock Pre-funded warrants	Common Stock Class V Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Debtentures	Additional Paid-in Capital Pre-funded warrants	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2023									3,793,837			7,200,064
Beginning balance at Dec. 31, 2023	$ 135,714					$ 48,282			$ 0			$ 1	$ 799,683			$ (751,301)	$ (101)	$ 87,432
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	8,013					8,013							8,013
Shares issued upon vesting of share-based awards, net of tax withholding (in shares)									118,593
Shares issued upon vesting of share-based awards, net of tax withholding	(2,259)					(2,259)							(2,259)
Common Stock Issuance (in shares)									1,955,924
Equity offerings, net of issuance costs and Common Stock Issuance	11,269					11,269			$ 1				11,268
Exchange of Class V shares for Class A shares and Conversion of Debentures (in shares)									4,725			4,725
Exchange of Class V shares for Class A shares and Conversion of Debentures	0					63							63					(63)
Currency translation adjustment, net of tax	(421)					(160)											(160)	(261)
Unrealized losses on available-for-sale securities, net of tax	(158)					(60)											(60)	(98)
Net loss	(21,275)					(8,165)										(8,165)		(13,110)
Ending balance (in shares) at Mar. 31, 2024									5,873,079			7,195,339
Ending balance at Mar. 31, 2024	130,883					56,983			$ 1			$ 1	816,768			(759,466)	(321)	73,900
Beginning balance (in shares) at Dec. 31, 2023									3,793,837			7,200,064
Beginning balance at Dec. 31, 2023	135,714					48,282			$ 0			$ 1	799,683			(751,301)	(101)	87,432
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Currency translation adjustment, net of tax	(372)
Unrealized losses on available-for-sale securities, net of tax	3
Net loss	(63,078)
Ending balance (in shares) at Sep. 30, 2024									6,465,776			7,194,941
Ending balance at Sep. 30, 2024	101,993					50,473			$ 1			$ 1	829,477			(778,783)	(223)	51,520
Beginning balance (in shares) at Mar. 31, 2024									5,873,079			7,195,339
Beginning balance at Mar. 31, 2024	130,883					56,983			$ 1			$ 1	816,768			(759,466)	(321)	73,900
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2,406					2,406							2,406
Shares issued upon vesting of share-based awards, net of tax withholding (in shares)									86,178
Shares issued upon vesting of share-based awards, net of tax withholding	(59)					(59)							(59)
Exercise of warrants (in shares)									12
Common Stock Issuance (in shares)									350,881
Equity offerings, net of issuance costs and Common Stock Issuance	4,903					4,903							4,903
Exchange of Class V shares for Class A shares and Conversion of Debentures (in shares)									398			398
Exchange of Class V shares for Class A shares and Conversion of Debentures	0					5							5					(5)
Currency translation adjustment, net of tax	(199)					(92)											(92)	(107)
Unrealized losses on available-for-sale securities, net of tax	157					72											72	85
Net loss	(35,512)					(16,424)										(16,424)		(19,088)
Ending balance (in shares) at Jun. 30, 2024									6,310,548			7,194,941
Ending balance at Jun. 30, 2024	102,579					47,794			$ 1			$ 1	824,023			(775,890)	(341)	54,785
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2,630					2,630							2,630
Forfeiture and cancellation of common units	0
Shares issued upon vesting of share-based awards, net of tax withholding (in shares)									11,053
Shares issued upon vesting of share-based awards, net of tax withholding	(8)					(8)							(8)
Exercise of warrants (in shares)									144,175
Exercise of Warrants	2,832					2,832							2,832
Currency translation adjustment, net of tax	247					116											116	131
Unrealized losses on available-for-sale securities, net of tax	4					2											2	2
Net loss	(6,291)					(2,893)										(2,893)		(3,398)
Ending balance (in shares) at Sep. 30, 2024									6,465,776			7,194,941
Ending balance at Sep. 30, 2024	101,993					50,473			$ 1			$ 1	829,477			(778,783)	(223)	51,520
Beginning balance (in shares) at Dec. 31, 2024				6,510,885	7,178,303				6,510,885			7,178,303
Beginning balance at Dec. 31, 2024	62,853					33,894			$ 1			$ 1	832,693			(797,960)	(841)	28,959
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	3,343					3,343							3,343
Shares issued upon vesting of share-based awards, net of tax withholding (in shares)									144,937
Shares issued upon vesting of share-based awards, net of tax withholding	(906)					(906)							(906)
Exercise of warrants (in shares)									4
Exercise of Warrants	1					1							1
Exchange of Class V shares for Class A shares and Conversion of Debentures (in shares)									529			529
Exchange of Class V shares for Class A shares and Conversion of Debentures	0					3							3					(3)
Currency translation adjustment, net of tax	29					14											14	15
Net loss	16,239					7,710										7,710		8,529
Ending balance (in shares) at Mar. 31, 2025									6,656,355			7,177,774
Ending balance at Mar. 31, 2025	81,559					44,059			$ 1			$ 1	835,134			(790,250)	(827)	37,500
Beginning balance (in shares) at Dec. 31, 2024				6,510,885	7,178,303				6,510,885			7,178,303
Beginning balance at Dec. 31, 2024	62,853					33,894			$ 1			$ 1	832,693			(797,960)	(841)	28,959
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of Class V shares for Class A shares and Conversion of Debentures (in shares)				1,063,576
Currency translation adjustment, net of tax	593
Unrealized losses on available-for-sale securities, net of tax	0
Net loss	(37,069)
Ending balance (in shares) at Sep. 30, 2025				16,466,495	7,174,575				16,446,495			7,174,575
Ending balance at Sep. 30, 2025	128,564					114,394			$ 2			$ 1	934,896			(819,902)	(603)	14,170
Beginning balance (in shares) at Mar. 31, 2025									6,656,355			7,177,774
Beginning balance at Mar. 31, 2025	81,559					44,059			$ 1			$ 1	835,134			(790,250)	(827)	37,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	6,338					6,338							6,338
Shares issued upon vesting of share-based awards, net of tax withholding (in shares)									317,687
Shares issued upon vesting of share-based awards, net of tax withholding	(806)					(806)							(806)
Exchange of Class V shares for Class A shares and Conversion of Debentures (in shares)									698			698
Exchange of Class V shares for Class A shares and Conversion of Debentures	0					5							5					(5)
Currency translation adjustment, net of tax	886					432											432	454
Net loss	(30,152)					(14,734)										(14,734)		(15,418)
Ending balance (in shares) at Jun. 30, 2025									6,974,740			7,177,076
Ending balance at Jun. 30, 2025	57,825					35,294			$ 1			$ 1	840,671			(804,984)	(395)	22,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	8,281					8,281							8,281
Shares issued upon vesting of share-based awards, net of tax withholding (in shares)									250,977
Shares issued upon vesting of share-based awards, net of tax withholding	(1,705)					(1,705)							(1,705)
Exercise of warrants (in shares)											718,098
Exercise of Warrants			$ 7,181					$ 7,181							$ 7,181
Common Stock Issuance (in shares)									6,753,627
Equity offerings, net of issuance costs and Common Stock Issuance	62,962					62,962			$ 1				62,961
Exchange of Class V shares for Class A shares and Conversion of Debentures (in shares)									2,501	1,746,552		2,501
Exchange of Class V shares for Class A shares and Conversion of Debentures	0	$ 17,500				7	$ 17,500						7	$ 17,500				(7)
Currency translation adjustment, net of tax	(324)					(208)											(208)	(116)
Unrealized losses on available-for-sale securities, net of tax	0
Net loss	(23,156)					(14,918)										(14,918)		(8,238)
Ending balance (in shares) at Sep. 30, 2025				16,466,495	7,174,575				16,446,495			7,174,575
Ending balance at Sep. 30, 2025	$ 128,564					$ 114,394			$ 2			$ 1	$ 934,896			$ (819,902)	$ (603)	$ 14,170

Fair Value Measurements - Narrative (Details) - $ / shares	Jul. 29, 2025	Jul. 28, 2025
Fair Value Disclosures [Abstract]
Common Stock, Closing Price	$ 10.00	$ 17.17

Organization and Description of Business

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

Unless the context otherwise provides, “we,” “us,” “our,” “Bakkt,” the “Company” and like terms refer to Bakkt Holdings, Inc. and its subsidiaries, including Bakkt Opco Holdings, LLC ("Opco").

Bakkt provides, or is working to provide, simplified solutions focused in the following areas:

Crypto

Trading. The Company's platform provides customers with the ability to buy, sell and store crypto via application programming interfaces or embedded web experience. Bakkt enables clients in various industries to provide their customers with the ability to transact in crypto directly in their trusted environments. As of September 30, 2025, the Company facilitated transactions in the crypto assets listed in the table below.


Crypto Asset			Symbol
Aave			AAVE
Ardano			ADA
Algorand			ALGO
ApeCoin			APE
Arbitrum			ARB
Cosmos			ATOM
Avalanche			AVAX
Basic Attention Token			BAT
Bitcoin Cash			BCH
Binanca Coin			BNB
Bonk			BONK
Bitcoin			BTC
Compound			COMP
Curve DAO			CRV
Dogecoin			DOGE
Polka Dot			DOT
Ethereum Classic			ETC
Ethereum			ETH
Filecoin			FIL
Gala			GALA
The Graph			GRT
Hedera			HBAR
Internet Computer Protocol			ICP
Lido DAO			LDO
Chainlink			LINK
Litecoin			LTC
NEAR Protocol			NEAR
Optimism			OP
Pepe Coin			PEPE
Polygon Ecosystem Token			POL
Pump			PUMP
The Sandbox			SAND
Shiba Inu			SHIB
Solana			SOL
Sui			SUI
Celestia			TIA
Toncoin			TON
TRUMP			$TRUMP
Tron			TRX
Uniswap			UNI
USD Coin			USDC
Dog Wif Hat			WIF
Stellar			XLM
Ripple			XRP

Stablecoin payments. Bakkt's platform enables the Company's customers to make cross border payments using stablecoin technology and fiat support while leveraging agentic tools powered by artificial intelligence.

Custody. Bakkt Crypto Solutions, LLC ("Bakkt Crypto") uses third-party custodial relationships with BitGo and Coinbase Custody, which are currently used by Bakkt Crypto for custody and coin transfers and also self-custodies select coins to facilitate consumer withdrawals.

Bakkt Crypto holds a New York State virtual currency license (commonly referred to as a "BitLicense"), and money transmitter licenses from all states throughout the U.S. where such licenses are required for the operation of its business and is registered as a money services business with the Financial Crimes Enforcement Network of the United States Department of the Treasury.

As of September 30, 2025, Bakkt offers crypto services in the U.S., Latin America, Europe, and Asia.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited interim consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In addition, certain reclassifications of amounts previously reported have been made to the accompanying consolidated financial statements in order to conform to current presentation. In the opinion of management, all adjustments (consisting of normal recurring accruals), considered necessary for a fair presentation have been included. The interim results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025, or for any other future annual or interim period. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes thereto included in the Form 10-K. On April 29, 2024, following approval by our stockholders and Board of Directors (the “Board”), Bakkt effected a reverse stock split (the “Reverse Stock Split”) of its Class A Common Stock, par value $0.0001 per share (“Class A Common Stock”), and Class V Common Stock, par value $0.0001 per share (“Class V Common Stock” and collectively with the Class A Common Stock, the “Common Stock”), at a ratio of 1-for-25 (the “Reverse Stock Split Ratio”). The Company's Class A Common Stock began trading on a reverse-split adjusted basis on the New York Stock Exchange (the "NYSE") as of the open of trading on April 29, 2024. All outstanding warrants and share-based awards were also adjusted on a 1-for-25 basis. As such, the Reverse Stock Split has been retroactively applied to all share and per share information throughout this Quarterly Report on Form 10-Q (unless otherwise noted).
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its estimates and assumptions on historical experience and various judgments that it believes to be reasonable under the circumstances. The significant estimates and assumptions that affect the financial statements may include, but are not limited to, those that are related to going concern, income tax valuation allowances, useful lives and fair value of intangible assets and property, equipment and software, fair value of financial assets and liabilities, determining provision for doubtful accounts, valuation of acquired tangible and intangible assets, the impairment of intangible and long-lived assets and goodwill, issued warrants, and fair market value of stock-based awards. Actual results and outcomes may differ from management’s estimates and assumptions and such differences may be material to the Company's audited consolidated financial statements.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06"). This ASU simplifies the accounting for convertible instruments by eliminating certain separation models and improves the consistency of earnings per share calculations by requiring the use of the if-converted method for all convertible instruments. It also enhances disclosures about the terms of convertible instruments and contract in an entity's own equity. ASU 2020-06 was effective for fiscal years beginning after December 15, 2023, including interim periods within those years. In connection with the Convertible debenture issued in June 2025, the Company is subject to and adopted ASU 2020-06. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Topic 350-60), Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”), which requires entities measure assets that meet the scope criteria at fair value with changes recognized in net income each reporting period. ASU 2023-08 also requires enhanced disclosures for interim and annual periods. The ASU is effective for fiscal years beginning after December 15, 2024, including interim periods within those years. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which will require additional tax disclosures, predominantly related to the effective income tax rate reconciliation and income taxes paid. The updated standard will be effective for our annual periods beginning in fiscal 2025. Early adoption is permitted. Management is evaluating the impact that the updated standard will have on the Company's consolidated financial statement disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses, which requires disclosure of additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU replaces the existing project-stage model with a principles-based "probable-to-complete" capitalization threshold and relocates website-development cost into ASC 350-40, Intangibles-Goodwill and Other: Internal-Use Software. The amendments are effective for fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact of this standard on its consolidated financial statements and related disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

+ Details

Stockholders’ Equity (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Other Ownership Interests

The following table summarizes the ownership interest in Opco as of September 30, 2025 and December 31, 2024.


	September 30, 2025			December 31, 2024
	Opco Common Units	Ownership %		Opco Common Units	Ownership %
Opco common units held by Bakkt Holdings, Inc.	16,466,495	70	%	6,510,885	48	%
Opco common units held by noncontrolling interest holders	7,174,575	30	%	7,178,303	52	%
Total Opco common units outstanding	23,641,070	100	%	13,689,188	100	%

Capital Requirements	9 Months Ended
Capital Requirements	Sep. 30, 2025
Financial Services, Banking and Thrift [Abstract]
Capital Requirements	Capital Requirements Bakkt Crypto holds a BitLicense from the New York Department of Financial Services ("NYDFS"), which subjects it to NYDFS’s oversight with respect to business activities conducted in New York State and with New York residents, and is required to maintain a capital balance equal to the greater of a predefined minimum amount or the sum of the required percentages established for transmitted assets, cold wallet and hot wallet custody assets, and predefined wind-down costs, or expected costs associated with the orderly wind-down of the business. Bakkt Crypto also has money transmitter licenses wherever its business model requires (46 states plus Washington D.C., giving effect to the surrender of duplicative and unneeded licenses following the merger of Bakkt Crypto Solutions, LLC and Bakkt Marketplace, LLC discussed below) which require it to maintain a minimum tangible net worth. Several states have adopted the Model Money Transmission Modernization Act (“MMTMA”), which defined tangible net worth as the aggregate assets of a licensee excluding all intangible assets, less liabilities, and established a calculation for minimum tangible net worth as a percentage of total assets. For states that have not adopted the MMTMA, Bakkt Crypto is required to maintain tangible net worth of a minimum amount, plus the amount of customer funds held in transit. In March 2024, Bakkt received approval from NYDFS to merge, and has since merged, Bakkt Crypto Solutions, LLC and Bakkt Marketplace, LLC into one legal entity, now referred to as Bakkt Crypto. As of September 30, 2025 and December 31, 2024, Bakkt Crypto was in compliance with its respective regulatory capital requirements. The minimum capital requirements to which Bakkt Crypto is subject may restrict its ability to transfer cash. The Company may be required to transfer cash to Bakkt Crypto such that it can continue to meet minimum capital requirements.

Tax Receivable Agreement (Details) - shares	9 Months Ended
Tax Receivable Agreement (Details) - shares	Sep. 30, 2025	Oct. 15, 2021
Opco common units (if-converted)
Conversion of Stock [Line Items]
TRA, percent of income tax benefits payable to exchanging stockholders		85.00%
Class A Common Stock
Conversion of Stock [Line Items]
Stock issued during period, shares, conversion of convertible securities (in shares)	1,063,576

Share-Based and Unit-Based Compensation - RSU & PSU Activity (Details) - RSUs and PSUs (treasury stock) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Number of RSUs and PSUs
Beginning balance (in shares)			1,421	521	521
Granted (in shares)			2,726	1,265
Forfeited (in shares)			(401)	(167)
Vested (in shares)			(996)	(345)
Ending balance (in shares)	2,750	1,274	2,750	1,274	1,421	521
Weighted Average Remaining Contractual Term (years)			11 months 8 days	1 year 7 months 2 days	1 year 4 months 9 days	1 year 4 months 17 days
Weighted Average Grant Date Fair Value
Beginning balance (in usd per share)			$ 18.17	$ 69.75	$ 69.75
Granted (in usd per share)			9.91	13.29
Ending balance (in usd per share)	$ 10.83	$ 13.69	$ 10.83	$ 13.69	$ 18.17	$ 69.75
Aggregate Intrinsic Value
Granted			$ 26,800	$ 16,816
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 4,000	$ 300	$ 10,900	$ 6,800

Tax Receivable Agreement	9 Months Ended
Tax Receivable Agreement	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Tax Receivable Agreement	Tax Receivable Agreement On October 15, 2021, we entered into a Tax Receivable Agreement (the "TRA") with certain Opco equity holders. Each Opco common unit, when coupled with one share of our Class V Common Stock is referred to as a “Paired Interest.” Pursuant to the TRA, among other things, holders of Opco Common Units may, subject to certain conditions exchange such Paired Interests for Class A Common Stock on a one-for-one basis, subject to the terms of the Amended and Restated Exchange Agreement, dated as of May 3, 2022 (the "Exchange Agreement") including our right to elect to deliver cash in lieu of Class A Common Stock and, in certain cases, adjustments as set forth therein. Opco will have in effect an election under Section 754 of the Internal Revenue Code for each taxable year in which an exchange of Opco Common Units for Class A Common Stock (or cash) occurs. The exchanges are expected to result in increases in the tax basis of the tangible and intangible assets of Opco. These increases in tax basis may reduce the amount of tax that the Company would otherwise be required to pay in the future. These increases in tax basis may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. The TRA provides for the payment by the Company to exchanging holders of Opco Common Units of 85% of certain net income tax benefits, if any, that the Company realizes (or in certain cases are deemed to realize) as a result of these increases in tax basis related to entering into the TRA, including tax benefits attributable to payments under the TRA. This payment obligation is an obligation of the Company and not of Opco. For purposes of the TRA, the cash tax savings in income tax will be computed by comparing the Company's actual income tax liability (calculated with certain assumptions) to the amount of such taxes that the Company would have been required to pay had there been no increase to the tax basis of the assets of Opco as a result of Opco having an election in effect under Section 754 of the Code for each taxable year in which an exchange of Opco Common Units for Class A Common Stock occurs and had the Company not entered into the TRA. Such change will be calculated under the TRA without regard to any transfers of Opco Common Units or distributions with respect to such Opco Common Units before the exchange under the Exchange Agreement to which Section 743(b) or 734(b) of the Code applies. As of September 30, 2025, 1,063,576 Opco Common Units had been exchanged for Class A Common Stock. Based on the Company's history of taxable losses, the Company has concluded that it is not probable to expect cash tax payments in the foreseeable future and as such, no value has been recorded under the TRA as of September 30, 2025. Refer to Note 15 regarding the contingency related to the TRA as of September 30, 2025.

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Financial assets and liabilities that are measured at fair value on a recurring basis are classified as Level 1, Level 2 and Level 3 as follows (in thousands):


	As of September 30, 2025
	Total		Level 1		Level 2		Level 3
Assets:


Crypto assets	$	1,716	$	—	$	1,716	$	—
Derivative asset	43,350		—		—		43,350
Total Assets	$	45,066	$	—	$	1,716	$	43,350

Liabilities:

Warrant liability - Class 1 and Class 2 warrants	$	57,252	$	—	$	—	$	57,252
Warrant liability - public warrants	3,213		3,213		—		—
Pre-funded warrants	283		—		—		283
Total Liabilities	$	60,748	$	3,213	$	—	$	57,252


	As of December 31, 2024
	Total		Level 1		Level 2		Level 3





Liabilities:

Warrant liability - Class 1 and Class 2 warrants	$	42,782	$	—	$	—	$	42,782
Warrant liability - public warrants	4,141		4,141		—		—
Total Liabilities	$	46,923	$	4,141	$	—	$	42,782

The carrying amounts of certain financial instruments, including cash and cash equivalents, accounts receivables, unbilled accounts receivables, due from related party, deposits with clearinghouse, due to related party, accounts payable and accrued liabilities, and operating lease obligations approximate their fair values due to their short-term nature. The balance of deposits with clearinghouse not invested in U.S. government securities are in the form of cash, and therefore approximate fair value.

The fair value of the Company's crypto assets was determined using Level 2 inputs which included using the value of the crypto asset determined as the mid-point of a bid-ask spread in the market management determined to be the principal market for the related crypto assets as of September 30, 2025.

Bakkt's derivative asset is comprised of a put/call option associated with a participation right on a third-party ownership interest in a publicly traded company. The fair value of the derivative asset was determined using a binomial model and Black-Scholes-Merton equation, both of which utilize certain Level 3 inputs.


	Derivative assets
Balance as of December 31, 2024	$	—
Change in fair value	43,350
Balance as of September 30, 2025	$	43,350

Inputs used to calculate the estimated fair value of the derivative assets at September 30, 2025 were as follows:


	Derivative assets
Mean monthly return	1.5	%
Volatility	69.0	%
Time to maturity (years)	10
Time to liquidity (months)	1 month
Risk free rate	0.5	%

The Public Warrant liability is valued based on quoted prices in active markets and is classified within Level 1.

Since the second quarter 2024, the Company's Class 1 Warrants and Class 2 Warrants were valued using the Black-Scholes-Merton model and a binomial lattice model, respectively, both of which utilize certain Level 3 inputs. Prior to the second quarter of 2024, the Class 1 Warrants and Class 2 Warrants were valued using the Black-Scholes-Merton model and a Monte Carlo simulation, respectively. A significant input to the Monte Carlo simulation included the volatility of movement in the price of the stock underlying the warrants, which was estimated using the historical volatility of the Company's Class A Common Stock over the contractual period of the warrant.

The significant unobservable inputs used for the fair value measurement of the Class 1 Warrants and Class 2 Warrants liabilities as of September 30, 2025 are summarized as follows:


Expected term (years)			3.93
Continuous risk-free rate			3.6%
Expected volatility			125.0%

The preceding methods described may produce fair value calculations that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although management believes the Company's valuation techniques are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

On the day the 2025 Pre-Funded Warrants were issued, Bakkt common stock closed the day at $10.00 per share. This equaled the issue price of the private placement. The 2025 Pre-Funded Warrants were issued at this $10.00 price less the nominal exercise price. The Company's common stock closed the previous day at $17.17, however it traded down substantially upon news of the private placement. Thus, we believe the proceeds received for the 2025 Pre-Funded Warrants represents fair value of the Pre-Funded Warrants as of their issuance date and as of September 30, 2025 for the unexercised warrants as of that date.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Crypto services
Disaggregation of Revenue [Line Items]
Total revenue and gains from operations	$ 402,211	$ 316,333	$ 2,036,070	$ 1,654,814
Transaction revenue
Disaggregation of Revenue [Line Items]
Total revenue and gains from operations	402,196	316,299	2,036,025	1,654,748
Service revenue
Disaggregation of Revenue [Line Items]
Total revenue and gains from operations	$ 15	$ 34	$ 45	$ 66

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

The measure of segment assets is reported in the consolidated balance sheets as total assets. The CODM uses net income (loss) to allocate resources as part of the Company's annual and long-term planning processes, and to evaluate operating performance based on budget to actual results. Certain information provided to the CODM presents operating expenses on a different basis than that presented in the consolidated statements of operations.

During the three and nine months ended September 30, 2025 and September 30, 2024, all material operations are within the United States. Bakkt's chief operating decision maker allocates resources and assesses performance based upon financial information at the consolidated level.

The following table represents significant segment expenses provided to the CODM for the three and nine months ended September 30, 2025, and September 30, 2024 (in thousands):


	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024

Total revenues	$	402,211	$	316,333	$	2,036,070	$	1,654,814

Segment expenses:
Personnel1	$	5,383	$	7,806	$	14,703	$	26,220
Non-cash compensation1	7,782		2,324		16,639		12,226
Professional fees	7,364		5,282		16,562		12,040
Technology	1,864		2,125		5,052		7,203
Occupancy2	584		697		1,186		2,146
Marketing and promotions3	123		1,180		327		2,323
Business insurance4	1,183		4,286		4,009		11,189
Depreciation and amortization	153		107		527		282
Other operating costs5	2,258		2,614		5,563		6,035
Crypto costs	396,815		312,841		2,012,524		1,636,514
Execution, clearing and brokerage fees	3,965		2,208		15,797		11,229
Total operating expenses per Consolidated Statements of Operations	$	427,474	$	341,470	$	2,092,889	$	1,727,407
Operating loss from continuing operations	$	(25,263)	$	(25,137)	$	(56,819)	$	(72,593)
Other income, net6	(3,709)		(21,374)		(27,761)		(17,922)
Net loss from continuing operations	$	(21,554)	$	(3,763)	$	(29,058)	$	(54,671)


1			Personnel includes payroll and benefits, excluding stock-based compensation, which is included in Non-cash compensation. Both are reported as part of Compensation and benefits on the consolidated statements of operations.
2			Occupancy includes facility related expenses such as rent and is reported as Selling, general and administrative on the consolidated statements of operations.
3			Marketing and promotions primarily consist of web-based promotional campaigns, promotional activities with clients, conferences and user events, and brand-building activities and are reported as Selling, general and administrative on the consolidated statements of operations.
4			Business insurance primarily consists of business liability insurance premiums and is recorded as Selling, general and administrative on the consolidated statements of operations.
5			Other operating costs consist primarily of Restructuring costs and Impairment of long-lived assets as presented on the statements of operations, as well as costs that are reported as Selling, general and administrative, Other operating expenses, and Compensation and benefits on the consolidated statements of operations.
6			Other expense (income), net consists primarily of Interest income, net, (Loss) gain from change in fair value of warrant liability and derivatives, and Other expense, net, and Income tax (expense) benefit as presented in the consolidated statements of operations.

On August 26, 2025, the Company received notice from Public Platform LLC (“Public”) that it was exercising its rights under its commercial agreement with the Company to initiate the offboarding of its customers from the Company’s platform. Public completed the offboarding from our platform on October 25, 2025. Public represented approximately 9% of the Company’s crypto services revenue for the year ended December 31, 2024, and approximately 18% of crypto services revenue for the nine months ended September 30, 2025. The Company expects the offboarding of Public to result in a decline in crypto services revenue beginning in the fourth quarter of 2025. Management is actively assessing the impact of this change and is pursuing alternative customer and partner relationships to mitigate the effect on future segment performance.

On March 14, 2025, the Company's largest client, Webull Pay LLC (“Webull”), notified the Company that it would not renew its agreement with Bakkt when it ended on June 14, 2025, although the Company continues to service a

limited number of states under an amended agreement with Webull. Webull represented approximately 74% of the Company’s Crypto services revenue for the year ended December 31, 2024.

Bakkt also received notice from Bank of America Corporation (“Bank of America”) on March 14, 2025 that Bank of America would not renew its commercial agreement with Bakkt's Loyalty Business. As a result, such agreement expired in accordance with its terms on April 22, 2025, subject to the Company’s obligation to provide transition services for up to a 12-month period. Bank of America represented approximately 16% of the Company's Loyalty Business’s net revenue for the year ended December 31, 2024.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Share-Based and Unit-Based Compensation - Valuation Assumptions (Details)	9 Months Ended
	Sep. 30, 2025 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum risk-free interest rate	3.79%
Maximum risk-free interest rate	3.98%
RSUs and PSUs (treasury stock)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Coefficient of variation	0
Volatility	125.00%
Dividend yield	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share)	$ 8.71
Expected term (years)	2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share)	$ 12.79
Expected term (years)	3 years

Goodwill and Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,550	$ 2,900
Accumulated Amortization	0	0
Net Carrying Amount	5,550	2,900
Trademarks / trade names
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	2,900	2,900
Net Carrying Amount	2,900	$ 2,900
Domain names
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	2,650
Net Carrying Amount	$ 2,650

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Results of Discontinued Operations

The following table summarizes the results of discontinued operations for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Revenues:

Loyalty services revenues	$	9,269	$	12,086	$	28,202	$	38,085

Operating expenses:


Compensation and benefits	8,868		11,217		28,855		36,747
Professional services	48		64		111		320
Technology and communication	1,451		2,076		4,619		6,351
Selling, general and administrative	295		663		947		2,075




Impairment of long-lived assets	228		—		228		145

Other operating costs	165		312		679		1,091
Total operating expenses	11,055		14,332		35,439		46,729
Operating loss	(1,786)		(2,246)		(7,237)		(8,644)



Other income (expense), net	202		(283)		(772)		234
Loss before income taxes	(1,584)		(2,529)		(8,009)		(8,410)
Income tax (expense) benefit	(18)		1		(2)		3
Loss from discontinued operations	$	(1,602)	$	(2,528)	$	(8,011)	$	(8,407)

As of September 30, 2025 and December 31, 2024, the major classes of assets and liabilities of the Loyalty Business classified as held for sale were as follows (in thousands):


	As of September 30, 2025 (Unaudited)		As of December 31, 2024
Assets
Current assets:




Accounts receivable, net	$	20,377	$	16,965
Prepaid insurance	—		1

Other current assets	502		553
Total current assets	20,879		17,519




Other assets	3,576		2,165
Total assets	$	24,455	$	19,684
Liabilities
Current liabilities:
Accounts payable and accrued liabilities	$	18,758	$	25,651

Deferred revenue, current	1,440		1,605




Other current liabilities	654		526
Total current liabilities	20,852		27,782
Deferred revenue, noncurrent	1,864		2,621

Other noncurrent liabilities	3,104		3,504
Total liabilities	25,820		33,907

The following summarizes the significant non-cash operating activities for discontinued operations for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30, 2025	Three Months Ended September 30, 2024	Nine Months Ended September 30, 2025	Nine Months Ended September 30, 2024

Non-cash lease expense	137	145	416	435
Share-based compensation expense	334	321	1,158	839
Total	$471	$466	$1,574	$1,273

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 205
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

Commitment and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

401(k) Plan

Bakkt sponsors a 401(k) defined contribution plan covering all eligible U.S. employees. Both Company and employee contributions to the 401(k) plan are discretionary. For the three and nine months ended September 30, 2025, the Company recognized approximately $0.1 million and $0.4 million, respectively of matching contributions to the 401(k). For the three and nine months ended September 30, 2024, the Company recorded approximately $0.2 million and $0.7 million, respectively of expenses related to the 401(k) plan, which is included in "Compensation and benefits" in the consolidated statements of operations.

Tax Receivable Agreement

The Company is party to a TRA with certain Opco equity holders. As of September 30, 2025, the Company has not recorded a liability under the TRA related to the income tax benefits originating from the exchanges of Opco Common Units as it is not probable that the Company will realize such tax benefits. The amounts payable under the TRA will vary

depending upon a number of factors, including the amount, character, and timing of the taxable income of the Company in the future. Should the Company determine that the payment of the TRA liability becomes probable at a future date based on new information, any changes will be recorded in the Company's consolidated statements of operations and comprehensive loss at that time.

Refer to Note 20 for further details.

Litigation

On April 2, 2025, a putative class action complaint was filed in the U.S. District Court for the Southern District of New York against the Company and certain current and former officers. The complaint alleges that the Company made false or misleading statements and omissions of purportedly material fact, in violation of federal securities laws, in connection with disclosures relating to the non-renewal of the Company’s agreements with Webull and Bank of America N.A. ("Bank of America"). The complaint seeks damages, as well as fees and costs. The Company intends to defend the matter vigorously; however, it is refraining from expressing any judgment upon the likelihood of a favorable or unfavorable outcome in this matter given the early stage of the litigation. On September 15, 2025, plaintiff filed an amended complaint. The Company anticipates moving to dismiss all claims.

On June 6, 2025, a verified stockholder derivative complaint captioned Kaivani v. Alexander, et. al., No. 25-cv-03196-MLB was filed in the United States District Court for the Northern District of Georgia against the Company and various officers and directors. The complaint asserted various claims for breach of fiduciary duty, unjust enrichment, and pursuant to Sections 10(b), 20(a), and 14(a) of the Securities Exchange Act of 1934 against defendants. The claims were premised on the same allegations as the federal securities litigation described above. On June 27, 2025, plaintiff filed a notice of voluntary dismissal without prejudice in this action.

On July 14, 2025, July 16, 2025, and July 18, 2025, the Company’s Board of Directors received demand letters from three shareholders (including Mr. Kaivani, who filed and withdrew the federal derivative litigation described above) (collectively, the “Demands”). These Demands are premised on the same alleged misconduct as the federal securities litigation described above, and seek (i) an internal investigation, (ii) a civil action, if applicable, and (iii) various Board actions in connection with the alleged misconduct. Defendants have asked these shareholders to pause the Board’s consideration of these Demands until resolution of Defendants’ anticipated motion to dismiss the federal securities litigation; to date, two of the three shareholders have so agreed.

Prior to its acquisition by the Company, Bakkt Crypto received requests from the SEC for documents and information about certain aspects of its business, including the operation of its trading platform, processes for listing assets, the classification of certain listed assets, and relationships with customers and service providers, among other topics. The SEC made a number of follow up requests for additional documents and information, and the Company responded to those requests on a timely basis. On March 3, 2025, the SEC concluded its inquiry of Bakkt Crypto and, based on the information it had at such time, the SEC advised the Company that it did not intend to recommend an enforcement action against Bakkt Crypto.

Other legal and regulatory proceedings have arisen and may arise in the ordinary course of business. However, we do not believe that the resolution of these matters will have a material adverse effect on our financial position, results of operations or cash flows. However, future results could be materially and adversely affected by new developments relating to the legal proceedings and claims.

Cryptocurrency Held on Platform

The Company is obligated to securely store crypto assets that it holds for customers, a substantial portion of which are held in cold storage. As such, the Company may be liable to users of its platform for losses arising from the Company’s failure to secure crypto assets from theft or loss. The Company has not incurred any losses related to such an obligation and therefore has not accrued a liability for losses as of September 30, 2025 or December 31, 2024. The Company has no

reason to believe it will incur any expense associated with such potential liability because (i) it has no known or historical experience of claims to use as a basis of measurement, (ii) it accounts for and continually verifies the amount of crypto assets within its control, and (iii) it has established security around custodial product private keys to minimize the risk of theft or loss.

Commercial Purchasing Card Facility

On April 7, 2022, Bakkt entered into a corporate card services agreement with Bank of America to provide a purchasing card facility that it utilizes for redemption purchases made from vendors as part of its loyalty redemption platform. Total borrowing capacity under the facility was $35 million and there was no defined maturity date. Expenditures made using the purchasing card facility were payable at least bi-monthly, were not subject to formula-based restrictions and did not bear interest if amounts outstanding were paid when due and in full. The purchasing card facility required the Company to maintain a concentration account with the lender subject to a minimum liquidity maintenance requirement of $7.0 million along with the accounts receivable of the Company's subsidiary, within the Loyalty Business. Bakkt Holdings, Inc. served as the guarantor on behalf of the subsidiary under the commercial purchasing card facility. Bakkt began using the purchasing card facility in August 2022.

In March 2024, Bank of America required Bakkt to pledge as collateral the amounts which were previously required to be maintained in the concentration account. In April 2024, Bank of America reduced the credit line associated with the purchasing card facility from $35.0 million to $20.0 million. In January 2025, Bank of America further reduced the credit line associated with the purchasing card facility from $20.0 million to $18.0 million and changed payment frequency to weekly. In March 2025, Bank of America further reduced the credit line associated with the purchasing card facility from $18.0 million to $15.0 million.

In September 2025, we terminated the purchasing card facility in anticipation of the sale of the Loyalty business. Bakkt Holdings, Inc. was released as a guarantor under the commercial purchasing card facility, and our cash collateral requirement was reduced from $7.0 million to $1.5 million as security for any remaining redemption activity processed under the facility.

Purchase Obligations

In December 2021, the Company entered into a four-year cloud computing arrangement which includes minimum contractual payments due to the third-party provider. In December 2023, the Company agreed to amend the contract and extend the payment period for an additional year. During the year ended December 31, 2023, the Company entered into a five-year strategic marketing agreement which required a committed spend. In July 2024, the Company terminated the strategic marketing agreement, which required a settlement payment of $1.1 million and resulted in the release from future obligations. As of September 30, 2025, the Company's outstanding purchase obligations, net of the settlement described above, consisted of the following future minimum commitments (in thousands):


	Payments Due by Period
	Less than 1 year		1-3 years		3-5 years		More than 5 years		Total
Purchase obligations	$	4,500	$	1,500	$	—	$	—	$	6,000

Cooperation Agreement

On March 19, 2025, the Company entered into a Cooperation Agreement with Distributed Technologies Research Global Ltd. (“DTR”) and Mr. Naheta, the sole stockholder of DTR (the “Cooperation Agreement”). Pursuant to the Cooperation Agreement, DTR will provide the Company with certain exclusive payment processing technology, application programming interfaces, and infrastructure to be integrated into the Company’s platform for the enablement of global payments processing services in the jurisdictions where the Company or its affiliates operate. Refer to Note 18 to our consolidated financial statements included in the Form 10-K where the Cooperation Agreement is described in detail.

Sale of Loyalty Business

On July 23, 2025, Opco entered into an Equity Purchase Agreement (the “Purchase Agreement”) by and among Opco, Project Labrador Holdco, LLC, a wholly owned subsidiary of Roman DBDR Technology Advisors, Inc. (the “Purchaser”), and Bridge2 Solutions, LLC, Aspire Loyalty Travel Solutions, LLC, Bridge2 Solutions Canada, Ltd., each a wholly owned subsidiary of Opco, and B2S Resale, LLC, an indirect wholly owned subsidiary of Opco (collectively, the “Acquired Companies”). Pursuant to the terms and subject to the conditions set forth in the Purchase Agreement, Opco has agreed to sell to the Purchaser all of the issued and outstanding equity interests of the Acquired Companies, which constitute the entities that conduct the loyalty and travel redemption business of the Company (the “Transaction”).

The consideration to be paid to Opco in connection with the Transaction is $1.00, subject to certain adjustments following the Closing (as defined in the Purchase Agreement). At the Closing, Opco shall deliver the equity of the Acquired Entities, together with an amount of cash equal to $11 million plus (i) the amount of the most negative working capital of the business that existed in the twelve months prior to the closing date and (ii) the amount of estimated indebtedness, subject to post-closing adjustments. Opco shall also place the Escrow Amount (defined below) into an escrow account, to hold funds for the indemnity obligations of Opco and the working capital adjustment and indebtedness adjustment, in each case as set forth in the Purchase Agreement and an accompanying escrow agreement. At the closing of the transaction, pursuant to an escrow agreement, Opco will deposit with the escrow agent (i) $1,000,000 into an indemnity escrow account (the “Indemnity Escrow Amount”), and (ii) $1,500,000 into a working capital adjustment escrow account (the “Adjustment Escrow Amount” and together with the Indemnity Escrow Amount, the “Escrow Amount”), in each case to be disbursed by the escrow agent in accordance with the terms of the Purchase Agreement and the escrow agreement. Subject to certain exceptions, on the applicable Escrow Termination Date (as defined in the Purchase Agreement), the escrow agent shall disburse the remaining Escrow Amount, if any. After the twelve-month anniversary of the closing date, the parties will determine whether the value of working capital delivered to the Purchaser at the Closing was greater than the greatest absolute value of working capital that existed in the twelve months following the closing date. If the value of working capital delivered to the Purchaser at the Closing was greater that such greatest absolute value, the Purchaser shall pay to Opco the difference between the value of working capital delivered to the Purchaser at the Closing and such greatest absolute value.

Bakkt management estimates the Company will recognize a loss on sale of the Loyalty Business of approximately $20.5 million, which will be recognized as of the October 1, 2025 Closing of the sale.

The Purchase Agreement contains customary representations, warranties and covenants, as well as certain indemnification provisions, with respect to Opco and the Acquired Companies, on the one hand, and the Purchaser, on the other. Furthermore, in connection with the Transaction, the Company plans to enter into ancillary agreements including (i) a note issued by the Purchaser to Opco pursuant to which Opco will loan to the Purchaser an amount equal to the restricted cash held by the Acquired Entities for the lesser of 18 months or the time the agreement is terminated pursuant to which such cash is restricted, (ii) the escrow agreement described above, and (iii) a transition services agreement pursuant to which Opco and the Purchaser or their respective affiliates will provide certain transition services to one another (the “Ancillary Agreements”). Consummation of the Transaction is subject to the satisfaction or waiver of certain conditions, including, but not limited to, the execution of certain of the Ancillary Agreements, the completion by the Purchaser of certain operational integrations, and the assignment of certain contracts to the Purchaser.

Consolidated Balance Sheet Components - Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease right-of-use assets	$ 5,280	$ 7,946
Deposits with clearinghouse	0	0
Other	2,369	2,457
Total	$ 7,649	$ 10,403

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Disaggregation of Revenue

The Company disaggregates Crypto Services revenue by service type as follows (in thousands):


Service Type	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Transaction revenue	$	402,196	$	316,299	$	2,036,025	$	1,654,748
Service revenue	15		34		45		66
Crypto services revenue	402,211		316,333		2,036,070		1,654,814

Bakkt recognized revenue from foreign jurisdictions of $54.9 million and $121.9 million for the three and nine months ended September 30, 2025, respectively, and $9.4 million and $32.3 million for the three and nine months ended September 30, 2024, respectively.

The Company has one reportable segment to which its revenues relates.

Deferred Revenue

Contract liabilities consist of deferred revenue for amounts invoiced prior to the Company meeting the criteria for revenue recognition. Bakkt invoices customers for service fees at the beginning of service performance, and such fees are recognized as revenue over time as the Company satisfies performance obligations. Contract liabilities are classified as “Deferred revenue, current” and “Deferred revenue, noncurrent” in the consolidated balance sheets. The activity in deferred revenue for the nine months ended September 30, 2025 and September 30, 2024, respectively, was as follows (in thousands):


	Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Beginning of the period contract liability	$	—	$	—
Revenue recognized from contract liabilities included in the beginning balance	—		—
Increases due to cash received, net of amounts recognized in revenue during the period	789		—
End of the period contract liability	$	789	$	—

Contract Costs

For the three and nine months ended September 30, 2025 and September 30, 2024, we incurred no incremental costs to obtain and/or fulfill contracts with customers.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Convertible Debenture (Details) - Convertible debentures (if-converted) - USD ($) $ in Thousands			3 Months Ended
	Sep. 15, 2025	Jun. 18, 2025	Sep. 30, 2025
Debt Instrument [Line Items]
Face amount		$ 25,000
Proceeds from convertible debenture	$ 7,500	$ 23,750
Amounts converted into Class A Common Stock			$ 17,500
Shares issued in conversion (in shares)			1,746,552
Redemption premium	$ 400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets:
Derivative asset	$ 43,350	$ 0
Liabilities:
Warrant liability - public warrants	60,748	46,923
Fair Value, Recurring
Assets:
Crypto assets	1,716
Derivative asset	43,350
Total Assets	45,066
Liabilities:
Warrant liability - Class 1 and Class 2 warrants	57,252	42,782
Total Liabilities	60,748	46,923
Fair Value, Recurring \| Level 1
Assets:
Crypto assets	0
Derivative asset	0
Total Assets	0
Liabilities:
Warrant liability - Class 1 and Class 2 warrants	0	0
Total Liabilities	3,213	4,141
Fair Value, Recurring \| Level 2
Assets:
Crypto assets	1,716
Derivative asset	0
Total Assets	1,716
Liabilities:
Warrant liability - Class 1 and Class 2 warrants	0	0
Total Liabilities	0	0
Fair Value, Recurring \| Level 3
Assets:
Crypto assets	0
Derivative asset	43,350
Total Assets	43,350
Liabilities:
Warrant liability - Class 1 and Class 2 warrants	57,252	42,782
Total Liabilities	57,252	42,782
Public warrants (treasury stock) \| Fair Value, Recurring
Liabilities:
Warrant liability - public warrants	3,213	4,141
Public warrants (treasury stock) \| Fair Value, Recurring \| Level 1
Liabilities:
Warrant liability - public warrants	3,213	4,141
Public warrants (treasury stock) \| Fair Value, Recurring \| Level 2
Liabilities:
Warrant liability - public warrants	0	0
Public warrants (treasury stock) \| Fair Value, Recurring \| Level 3
Liabilities:
Warrant liability - public warrants	0	$ 0
Pre-funded warrants \| Fair Value, Recurring
Liabilities:
Warrant liability - public warrants	283
Pre-funded warrants \| Fair Value, Recurring \| Level 1
Liabilities:
Warrant liability - public warrants	0
Pre-funded warrants \| Fair Value, Recurring \| Level 2
Liabilities:
Warrant liability - public warrants	0
Pre-funded warrants \| Fair Value, Recurring \| Level 3
Liabilities:
Warrant liability - public warrants	$ 283

Stockholders’ Equity - Noncontrolling Ownership Interest (Details) - shares	Sep. 30, 2025	Dec. 31, 2024
Bakkt Opco Holdings, LLC
Noncontrolling Interest [Line Items]
Ownership percentage, Total Opco common units outstanding	100.00%	100.00%
Bakkt Opco Holdings, LLC
Noncontrolling Interest [Line Items]
Opco Common Units (in shares)	23,641,070	13,689,188
Class A Common Stock \| Bakkt Opco Holdings, LLC
Noncontrolling Interest [Line Items]
Ownership percentage, Opco common units held by Bakkt Holdings, Inc.	70.00%	48.00%
Class A Common Stock \| Bakkt Opco Holdings, LLC
Noncontrolling Interest [Line Items]
Opco Common Units (in shares)	16,466,495	6,510,885
Class V Common Stock \| Bakkt Opco Holdings, LLC
Noncontrolling Interest [Line Items]
Ownership percentage, Opco common units held by noncontrolling interest holders	30.00%	52.00%
Class V Common Stock \| Bakkt Opco Holdings, LLC
Noncontrolling Interest [Line Items]
Opco Common Units (in shares)	7,174,575	7,178,303

Leases	9 Months Ended
Leases	Sep. 30, 2025
Leases [Abstract]
Leases	Leases The Company leases real estate for office space under operating leases. Management considers a lease to have commenced on the date when the Company is granted access to the leased asset. Certain of the Company's real estate leasing agreements include terms requiring it to reimburse the lessor for the Company's share of real estate taxes, insurance, operating costs and utilities which the Company accounts for as variable lease costs when incurred since the Company has elected to not separate lease and non-lease components, and hence are not included in the measurement of lease liability. There are no restrictions or covenants imposed by any of the leases, and none of the Company's leases contain material residual value guarantees. The discount rates for all of the Company's leases are based on its estimated incremental borrowing rate since the rates implicit in the leases were not determinable. The Company's incremental borrowing rate is based on Bakkt management’s estimate of the rate of interest the Company would have to pay to borrow on a fully collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company has elected the practical expedient under which lease components are not be separated from the non-lease components for all classes of underlying assets. Accordingly, each lease component and the non-lease components related to the lease component are accounted for as a single lease component. In December 2024, the Company signed a Lease Assignment and Assumption Agreement (the “Lease Assignment”) for its New York office lease, whereby a third-party agreed to assume all the Company’s rights, title and interest in and to the lease, including but not limited to the performance by the third-party of all of the Company’s duties and obligations under the lease. The Lease Assignment was contingent upon the landlord’s consent. In January 2025, the Company signed an Assignment and Assumption of Lease with Landlord’s Consent for the New York office lease, which provided the landlord’s consent to the Lease Assignment. The Company is jointly and severally liable with the third-party assignee for the obligations under the New York office lease. For the nine month period ended September 30, 2025 the Company recognized income of approximately $1.8 million related to the Lease Assignment, net of approximately $0.9 million paid to the third-party assignee under the Lease Assignment, all of which is recognized in Other (expense) income, net in the consolidated statements of operations. On December 21, 2023, the Company signed an agreement to sublease a portion of its then corporate headquarters office space in Alpharetta, Georgia. The sublease commenced in March 2024. As of September 30, 2025, the Company does not have any active finance leases. Several of these leases include escalation clauses for adjusting rentals. The Company's real estate lease has a remaining lease term as of September 30, 2025 of 84 months. The Company's real estate lease does not contain an option to terminate the lease without cause at the option of either party during the lease term. As of September 30, 2025, the weighted average remaining lease term for the Company's operating leases was approximately 84 months, and the weighted average discount rate was 5.0%. As of December 31, 2024, the weighted average remaining lease term for the Company's operating leases was approximately 85 months, and the weighted average discount rate was 5.0%. The Company was party to short-term leases during the three and nine months ended September 30, 2025 and September 30, 2024, which resulted in less than $0.1 million of rent expense, for all periods.
Leases	Leases The Company leases real estate for office space under operating leases. Management considers a lease to have commenced on the date when the Company is granted access to the leased asset. Certain of the Company's real estate leasing agreements include terms requiring it to reimburse the lessor for the Company's share of real estate taxes, insurance, operating costs and utilities which the Company accounts for as variable lease costs when incurred since the Company has elected to not separate lease and non-lease components, and hence are not included in the measurement of lease liability. There are no restrictions or covenants imposed by any of the leases, and none of the Company's leases contain material residual value guarantees. The discount rates for all of the Company's leases are based on its estimated incremental borrowing rate since the rates implicit in the leases were not determinable. The Company's incremental borrowing rate is based on Bakkt management’s estimate of the rate of interest the Company would have to pay to borrow on a fully collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company has elected the practical expedient under which lease components are not be separated from the non-lease components for all classes of underlying assets. Accordingly, each lease component and the non-lease components related to the lease component are accounted for as a single lease component. In December 2024, the Company signed a Lease Assignment and Assumption Agreement (the “Lease Assignment”) for its New York office lease, whereby a third-party agreed to assume all the Company’s rights, title and interest in and to the lease, including but not limited to the performance by the third-party of all of the Company’s duties and obligations under the lease. The Lease Assignment was contingent upon the landlord’s consent. In January 2025, the Company signed an Assignment and Assumption of Lease with Landlord’s Consent for the New York office lease, which provided the landlord’s consent to the Lease Assignment. The Company is jointly and severally liable with the third-party assignee for the obligations under the New York office lease. For the nine month period ended September 30, 2025 the Company recognized income of approximately $1.8 million related to the Lease Assignment, net of approximately $0.9 million paid to the third-party assignee under the Lease Assignment, all of which is recognized in Other (expense) income, net in the consolidated statements of operations. On December 21, 2023, the Company signed an agreement to sublease a portion of its then corporate headquarters office space in Alpharetta, Georgia. The sublease commenced in March 2024. As of September 30, 2025, the Company does not have any active finance leases. Several of these leases include escalation clauses for adjusting rentals. The Company's real estate lease has a remaining lease term as of September 30, 2025 of 84 months. The Company's real estate lease does not contain an option to terminate the lease without cause at the option of either party during the lease term. As of September 30, 2025, the weighted average remaining lease term for the Company's operating leases was approximately 84 months, and the weighted average discount rate was 5.0%. As of December 31, 2024, the weighted average remaining lease term for the Company's operating leases was approximately 85 months, and the weighted average discount rate was 5.0%. The Company was party to short-term leases during the three and nine months ended September 30, 2025 and September 30, 2024, which resulted in less than $0.1 million of rent expense, for all periods.

Discontinued Operations - Results of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Operating expenses:
Net loss from discontinued operations attributable to Bakkt Holdings, Inc.	$ (1,032)	$ (1,163)	$ (4,742)	$ (3,663)
Current liabilities:
Total liabilities	4,968		4,968		$ 0
Discontinued Operations, Held-for-Sale \| Loyalty Business
Revenues:
Loyalty services revenues	9,269	12,086	28,202	38,085
Operating expenses:
Compensation and benefits	8,868	11,217	28,855	36,747
Professional services	48	64	111	320
Technology and communication	1,451	2,076	4,619	6,351
Selling, general and administrative	295	663	947	2,075
Impairment of long-lived assets	228	0	228	145
Other operating costs	165	312	679	1,091
Total operating expenses	11,055	14,332	35,439	46,729
Operating loss	(1,786)	(2,246)	(7,237)	(8,644)
Other income (expense), net	202	(283)	(772)	234
Loss before income taxes	(1,584)	(2,529)	(8,009)	(8,410)
Income tax (expense) benefit	(18)	1	(2)	3
Net loss from discontinued operations attributable to Bakkt Holdings, Inc.	(1,602)	(2,528)	(8,011)	(8,407)
Current assets:
Accounts receivable, net	20,377		20,377		16,965
Prepaid insurance	0		0		1
Other current assets	502		502		553
Total current assets	20,879		20,879		17,519
Other assets	3,576		3,576		2,165
Total assets	24,455		24,455		19,684
Current liabilities:
Accounts payable and accrued liabilities	18,758		18,758		25,651
Deferred revenue, current	1,440		1,440		1,605
Other current liabilities	654		654		526
Total current liabilities	20,852		20,852		27,782
Deferred revenue, noncurrent	1,864		1,864		2,621
Other noncurrent liabilities	3,104		3,104		3,504
Total liabilities	25,820		25,820		$ 33,907
Non-cash lease expense	137	145	416	435
Share-based compensation expense	334	321	1,158	839
Total	$ 471	$ 466	$ 1,574	$ 1,273

Consolidated Balance Sheet Components

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidated Balance Sheet Components

Accounts Receivable, Net

Accounts receivable, net consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Trade accounts receivable	$	708	$	164
Receivables from customers, clients and liquidity partners	3,903		5,833
Unbilled receivables	27		2
Deposits	2,208		1,242
Other receivables	5,948		1,250
Total accounts receivable	12,794		8,491
Less: Allowance for doubtful accounts	(236)		(808)
Total	$	12,558	$	7,683

Deposits includes cash, as noted on the consolidated statements of cash flows, at clearing agencies used to settle customer transactions. Amounts payable and receivable to our liquidity providers are reported net by counterparty when the right of offset exists.

Other Current Assets

Other current assets consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Prepaid expenses	$	1,721	$	2,016

Other	766		152
Total	$	2,487	$	2,168

Property, Equipment and Software, Net

Property, equipment and software, net consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Internal-use software	$	1,901	$	1,917
Other computer and network equipment	878		867
Leasehold improvements	276		276
Property, equipment and software, gross	3,055		3,060
Less: accumulated amortization and depreciation	(1,523)		(996)
Total	$	1,532	$	2,064

For the three and nine months ended September 30, 2025, depreciation and amortization expense related to property, equipment and software amounted to $0.2 million and $0.5 million, of which $0.1 million and $0.5 million, respectively, related to amortization expense of capitalized internal-use software placed in service.

For the three and nine months ended September 30, 2024, depreciation and amortization expense related to property, equipment and software amounted to $0.1 million and $0.3 million, of which $0.1 million and $0.2 million, respectively, related to amortization expense of capitalized internal-use software placed in service.

Equity Method Investment

Our equity method investment balances were as follows (in thousands):


	September 30, 2025		December 31, 2024
Equity method investment	$	11,472	—

On August 6, 2025, the Company entered into a share purchase agreement with RIZAP Group, Inc. under which it acquired approximately 28% of the outstanding shares of MarushoHotta Co., Ltd. (“MHT”), a publicly traded company listed in Tokyo for ¥1,676,551,082 ($11.5 million).

The Company did not identify any indicators of impairment as of the reporting date. The value of Bakkt's investment in MHT based on the public trading price as of September 30, 2025 was approximately $79.5 million.

Other Assets

Other assets consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Operating lease right-of-use assets	$	5,280	$	7,946
Deposits with clearinghouse	—		—
Other	2,369		2,457
Total	$	7,649	$	10,403

The Company accounts for cryptocurrency it owns as indefinite-lived intangible assets and initially measures such crypto assets at cost (under a first-in, first-out basis). These assets are not amortized, but are measured at fair value each reporting period with changes recognized in net income (loss). Bakkt generally holds a nominal amount of each crypto asset it supports on its platform to facilitate trades and settlements, if necessary. The crypto assets are reported in "Other assets" on the consolidated balance sheets and fair value changes are recognized in "other (expense) income, net" on the consolidated statements of operations. The Company's owned crypto assets are typically liquidated on a daily basis during the fulfillment of customer orders and settlement with liquidity providers. Fair value changes were not material for the three and nine months ended September 30, 2025. Bakkt's owned crypto assets were $1.7 million and $1.2 million as of

September 30, 2025 and December 31, 2024. We classify cash flows from cryptocurrency within cash flows from operating activities.

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Accounts payable	$	994	$	1,767
Payables to clients and customers	9,190		6,111

Accrued expenses	4,705		3,305
Purchasing card payable	143		2
Salaries and benefits payable	650		491

Other	2,327		2,584
Total	$	18,009	$	14,260

Other Current Liabilities

Other current liabilities consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Current maturities of operating lease liability	2,307		3,793
Other	757		959

Total	$	3,064	$	4,752

Other Noncurrent Liabilities

Other noncurrent liabilities consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Operating lease liability, noncurrent	$	10,207	$	15,757

Total	$	10,207	$	15,757

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands						9 Months Ended
	Sep. 15, 2025 USD ($)	Jul. 30, 2025 USD ($)	Jun. 18, 2025 USD ($)	Mar. 27, 2025 USD ($)	Apr. 29, 2024 $ / shares	Sep. 30, 2025 USD ($) segment $ / shares	Sep. 30, 2024 USD ($)	Sep. 29, 2025 USD ($)	Jun. 29, 2025 USD ($)	Jun. 17, 2025 $ / shares	Mar. 30, 2025 USD ($)	Dec. 31, 2024 USD ($) $ / shares	Aug. 12, 2024 USD ($)
Cash and Cash Equivalents [Line Items]
Common stock, par value (in dollars per share) \| $ / shares										$ 0.0001
Reverse stock split ratio					0.04
Convertible debentures, net			$ 25,000
Number of operating segments \| segment						1
Number of reportable segments \| segment						1
Accumulated deficit						$ 819,902						$ 797,960
Consideration transferred						$ 11,472	$ 0
Convertible debentures (if-converted)
Cash and Cash Equivalents [Line Items]
Face amount			25,000
Proceeds from convertible debenture	$ 7,500		$ 23,750
Private Placement
Cash and Cash Equivalents [Line Items]
Proceeds from private placement		$ 75,000
Line of Credit \| ICE Credit Facility
Cash and Cash Equivalents [Line Items]
Maximum borrowing capacity								$ 30,000	$ 20,000		$ 10,000		$ 40,000
Proceeds from lines of credit				$ 5,000
Class A Common Stock
Cash and Cash Equivalents [Line Items]
Common stock, par value (in dollars per share) \| $ / shares					$ 0.0001	$ 0.0001						$ 0.0001
Class V Common Stock
Cash and Cash Equivalents [Line Items]
Common stock, par value (in dollars per share) \| $ / shares					$ 0.0001	$ 0.0001						$ 0.0001

Consolidated Balance Sheet Components - Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 1,721	$ 2,016
Other	766	152
Total	$ 2,487	$ 2,168

Net Loss per share - Anti-dilutive Shares Excluded From Computation (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	12,229	10,805	12,229	10,805
RSUs and PSUs (treasury stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,750	1,274	2,750	1,274
Warrants \| Public warrants (treasury stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	286	286	286	286
Class 1 and Class 2 warrants (treasury stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,018	2,018	2,018	2,018
Opco warrants (if-converted)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	32	0	32
Opco common units (if-converted)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	7,175	7,195	7,175	7,195

Fair Value Measurements - Fair Value Assumptions (Details)	Sep. 30, 2025 yr mo
Measurement Input, Mean Monthly Return
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset input	0.015
Measurement Input, Price Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset input	0.690
Measurement Input, Price Volatility \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant measurement input	1.250
Measurement Input, Maturity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset input \| yr	10
Measurement Input, Liquidity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset input \| mo	1
Measurement Input, Risk Free Interest Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset input	0.005
Measurement Input, Risk Free Interest Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant measurement input	0.036
Measurement Input, Expected Term \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant measurement input	3.93

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table represents significant segment expenses provided to the CODM for the three and nine months ended September 30, 2025, and September 30, 2024 (in thousands):


	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024

Total revenues	$	402,211	$	316,333	$	2,036,070	$	1,654,814

Segment expenses:
Personnel1	$	5,383	$	7,806	$	14,703	$	26,220
Non-cash compensation1	7,782		2,324		16,639		12,226
Professional fees	7,364		5,282		16,562		12,040
Technology	1,864		2,125		5,052		7,203
Occupancy2	584		697		1,186		2,146
Marketing and promotions3	123		1,180		327		2,323
Business insurance4	1,183		4,286		4,009		11,189
Depreciation and amortization	153		107		527		282
Other operating costs5	2,258		2,614		5,563		6,035
Crypto costs	396,815		312,841		2,012,524		1,636,514
Execution, clearing and brokerage fees	3,965		2,208		15,797		11,229
Total operating expenses per Consolidated Statements of Operations	$	427,474	$	341,470	$	2,092,889	$	1,727,407
Operating loss from continuing operations	$	(25,263)	$	(25,137)	$	(56,819)	$	(72,593)
Other income, net6	(3,709)		(21,374)		(27,761)		(17,922)
Net loss from continuing operations	$	(21,554)	$	(3,763)	$	(29,058)	$	(54,671)


1			Personnel includes payroll and benefits, excluding stock-based compensation, which is included in Non-cash compensation. Both are reported as part of Compensation and benefits on the consolidated statements of operations.
2			Occupancy includes facility related expenses such as rent and is reported as Selling, general and administrative on the consolidated statements of operations.
3			Marketing and promotions primarily consist of web-based promotional campaigns, promotional activities with clients, conferences and user events, and brand-building activities and are reported as Selling, general and administrative on the consolidated statements of operations.
4			Business insurance primarily consists of business liability insurance premiums and is recorded as Selling, general and administrative on the consolidated statements of operations.
5			Other operating costs consist primarily of Restructuring costs and Impairment of long-lived assets as presented on the statements of operations, as well as costs that are reported as Selling, general and administrative, Other operating expenses, and Compensation and benefits on the consolidated statements of operations.
6			Other expense (income), net consists primarily of Interest income, net, (Loss) gain from change in fair value of warrant liability and derivatives, and Other expense, net, and Income tax (expense) benefit as presented in the consolidated statements of operations.

Goodwill and Intangible Assets, Net - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2025	Sep. 30, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, beginning balance		$ 68,001
Sale of Bakkt Trust	$ (3,300)	(3,343)
Goodwill, Gross		1,575,922	$ 1,579,265
Goodwill, Impaired, Accumulated Impairment Loss		(1,511,264)	$ (1,511,264)
Goodwill, ending balance		$ 64,658

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-41

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 740
-Name Accounting Standards Codification
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478064/805-740-55-13

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 39
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-39

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

Consolidated Balance Sheet Components - Other Current Liabilities (Details) - Nonrelated Party - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Current maturities of operating lease liability	$ 2,307	$ 3,793
Other	757	959
Total	$ 3,064	$ 4,752

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Share-Based and Unit-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions			3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 29, 2025 qtr $ / shares shares	Oct. 15, 2021 shares	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($) shares	Dec. 31, 2024 USD ($) shares	Jun. 17, 2025 shares	May 31, 2024 shares	Dec. 31, 2023 shares	Jun. 06, 2023 shares	Oct. 14, 2021 shares
Share-based Payment Arrangement, Tranche Two \| Opco
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Share-based Payment Arrangement, Tranche Three \| Opco
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Share-based Payment Arrangement, Tranche One \| Opco
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Deferred Compensation, Share-based Payments
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of participation units outstanding (in shares)		1,197,250										10,811,502
Cash payments for settlement of vested participation units \| $					$ 0.0	$ 0.0
RSUs and PSUs (treasury stock)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					2,726,000	1,265,000
Unrecognized compensation expense \| $			$ 13.0		$ 13.0		$ 11.7
Period to recognize unrecognized compensation expense					11 months 8 days		1 year 4 months 9 days
Accelerated costs \| $			$ 3.2	$ 0.0	$ 5.1	$ 4.9
Shares outstanding (in shares)			2,750,000	1,274,000	2,750,000	1,274,000	1,421,000			521,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			44,220	15,756	932,101	1,044,308
Share-Based Payment Arrangement, Expense \| $			$ 4.5	$ 2.1	$ 10.0	$ 11.7
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			0	221,065	1,793,873	221,065
Share-Based Payment Arrangement, Expense \| $			$ 3.3	$ 0.2	$ 6.5	$ 0.5
Percentage of target units earned					200.00%
PSUs \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					33.33%
PSUs \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					33.33%
PSUs \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					33.33%
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target units earned					0.00%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target units earned					150.00%
Restricted Stock Units (RSUs) and Performance Stock Units (PSUs), Andy Main
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated costs \| $			$ 3.2		$ 3.2
Preferred Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)												76,475,000
Common Incentive Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					0	0
Shares outstanding (in shares)		17,473,362	283,000	304,000	283,000	304,000	287,000			309,000		23,219,745
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of exercise (in quarters) \| qtr	8
Share-Based Compensation Arrangement By Share-Based Payment Award, Number Of Shares Authorized, Shares	2,000,000
Share-Based Compensation Arrangement By Share-Based Payment Award, Exercise Price \| $ / shares	$ 10.00
Performance Stock Units (PSUs), Mr. Naheta
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					1,607,717
Restricted Stock Units (RSUs), Mr. Naheta
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					11,426
2021 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		1,032,677						4,014,121	3,034,920
Increase in common stock reserved for future issuance (in shares)								979,201	938,625		1,063,618
Opco Plan \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
Opco Plan \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		2 years

Consolidated Balance Sheet Components - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 12,794	$ 8,491
Less: Allowance for doubtful accounts	(236)	(808)
Total	12,558	7,683
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	708	164
Receivables from customers, clients and liquidity partners
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	2,208	1,242
Crypto Receivable From Liquidity Providers [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	3,903	5,833
Deposits
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	27	2
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 5,948	$ 1,250

Net Loss per share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Loss per share

Basic loss per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding. Diluted earnings per share is based on the weighted average number shares of Class A Common Stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share-based awards outstanding. The potentially dilutive securities that would be anti-dilutive are not included in the calculation of diluted earnings per share attributable to controlling interest.

The following is a reconciliation of the denominators of the basic and diluted per share computations for net income (loss) (in thousands, except share and per share data):


	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Net loss per share:
Numerator – basic and diluted:
Net loss from continuing operations	$	(21,554)	$	(3,763)	$	(29,058)	$	(54,671)
Less: Net loss from continuing operations attributable to noncontrolling interest	(7,668)		(2,033)		(11,858)		(30,854)
Net loss from continuing operations attributable to Bakkt Holdings, Inc.	(13,886)		(1,730)		(17,200)		(23,817)


Net loss from discontinued operations attributable to Bakkt Holdings, Inc.	$	(1,032)	$	(1,163)	$	(4,742)	$	(3,663)
Net loss attributable to Bakkt Holdings, Inc.	$	(14,918)	$	(2,893)	$	(21,942)	$	(27,480)




Denominator – basic and diluted:

Weighted average shares outstanding	13,015,011		6,361,793		8,783,195		5,642,609




Net loss per share from continuing operations attributable to Bakkt Holdings, Inc.	$	(1.07)	$	(0.27)	$	(1.96)	$	(4.22)
Net loss per share from discontinued operations attributable to Bakkt Holdings, Inc.	$	(0.08)	$	(0.18)	$	(0.54)	$	(0.65)
Net loss per share attributable to Bakkt Holdings, Inc.	$	(1.15)	$	(0.45)	$	(2.50)	$	(4.87)

Potential common shares issuable to employees or directors upon exercise or conversion of shares under our share-based and unit-based compensation plans, conversion of debentures, and exercise of warrants are excluded from the computation of diluted earnings per common share when the effect would be anti-dilutive.

The following table summarizes the total potential common shares excluded from diluted earnings per common share as their effect would be anti-dilutive (in thousands):


	Three Months Ended September 30, 2025	Three Months Ended September 30, 2024	Nine Months Ended September 30, 2025	Nine Months Ended September 30, 2024
RSUs and PSUs (treasury stock)	2,750	1,274	2,750	1,274
Public warrants (treasury stock)	286	286	286	286
Class 1 and Class 2 warrants (treasury stock)	2,018	2,018	2,018	2,018

Opco warrants (if-converted)	—	32	—	32
Opco common units (if-converted)	7,175	7,195	7,175	7,195
Total	12,229	10,805	12,229	10,805

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net loss	$ (23,156)	$ (6,291)	$ (37,069)	$ (63,078)
Currency translation adjustment, net of tax	(324)	247	593	(372)
Unrealized gain (loss) on available-for-sale securities, net of tax	0	4	0	3
Comprehensive loss	(23,480)	(6,040)	(36,476)	(63,447)
Comprehensive loss attributable to noncontrolling interest	(8,353)	(3,265)	(14,772)	(35,847)
Comprehensive loss attributable to Bakkt Holdings, Inc.	$ (15,127)	$ (2,775)	$ (21,704)	$ (27,600)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 10
-Topic 810
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-20

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

+ Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-19

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 37: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J

Reference 38: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

Goodwill and Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in goodwill consisted of the following (in thousands):


Balance as of January 1, 2025
Goodwill	$	1,579,265
Accumulated impairment	(1,511,264)
	68,001


Sale of Bakkt Trust	(3,343)

Balance as of September 30, 2025
Goodwill	1,575,922
Accumulated impairment	(1,511,264)
	$	64,658

Schedule of Finite-Lived Intangible Assets

Intangible assets consisted of the following as of September 30, 2025 (in thousands):


	September 30, 2025
	Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks / trade names	Indefinite	$	2,900	—		$	2,900
Domain names	Indefinite	2,650		—		2,650
Total		$	5,550	$	—	$	5,550


	December 31, 2024
	Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Trademarks / trade names	Indefinite	$	2,900	—		$	2,900


Total		$	2,900	$	—	$	2,900

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consisted of the following as of September 30, 2025 (in thousands):


	September 30, 2025
	Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks / trade names	Indefinite	$	2,900	—		$	2,900
Domain names	Indefinite	2,650		—		2,650
Total		$	5,550	$	—	$	5,550


	December 31, 2024
	Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Trademarks / trade names	Indefinite	$	2,900	—		$	2,900


Total		$	2,900	$	—	$	2,900

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (37,069)	$ (63,078)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	527	281
Non-cash lease expense	832	989
Share-based compensation expense	17,797	13,049
Impairment of long-lived assets	708	889
Loss on sale of Bakkt Trust	2,301	0
Gain on lease assignment	(1,755)	0
(Loss) gain from change in fair value of warrant liability	13,543	(13,916)
Loss on extinguishment of convertible debenture	2,617	0
Change in fair value of derivative asset	(43,350)	0
Other	537	2
Changes in operating assets and liabilities:
Accounts receivable	(7,321)	3,679
Prepaid insurance	12	7,430
Accounts payable and accrued liabilities	(3,352)	(13,679)
Due to related party	(2,360)	(570)
Deferred revenue	(133)	(2,877)
Operating lease liabilities	(3,572)	(2,619)
Customer funds payable	(77,505)	18,625
Assets and liabilities of businesses held for sale	(3,476)	0
Other assets and liabilities	(1,567)	(810)
Net cash used in operating activities	(142,586)	(52,605)
Cash flows from investing activities:
Capitalized internal-use software development costs and other capital expenditures	(703)	(2,779)
Purchase of available-for-sale securities	(5,094)	(25,986)
Proceeds from the settlement of available-for-sale securities	0	36,660
Proceeds from Sale of Bakkt Trust	4,518	0
Purchase of intangible assets	(2,650)	0
Purchase of equity method investment	(11,472)	0
Net cash (used in) provided by investing activities	(15,401)	7,895
Cash flows from financing activities:
Proceeds from Concurrent Offerings, net of issuance costs	0	46,505
Withholding tax payments on net share settlements on equity awards	(3,417)	(2,430)
Proceeds from Common Stock Issuance, net of issuance costs	62,961	0
Repayment of Convertible Debenture	(7,875)	0
Proceeds from borrowings on revolving credit facility	5,000	0
Repayments on revolving credit facility	(5,000)	0
Proceeds from issuance of convertible debentures, net of issuance costs	22,220	0
Net cash provided by financing activities	81,354	44,078
Effect of exchange rate changes	592	(373)
Net decrease in cash, cash equivalents, restricted cash, customer funds and deposits	(76,041)	(1,005)
Cash, cash equivalents, restricted cash, customer funds and deposits at the beginning of the period	153,746	118,498
Cash, cash equivalents, restricted cash, customer funds and deposits at the end of the period	77,705	117,493
Reconciliation of cash, cash equivalents, restricted cash, customer funds and deposits to consolidated balance sheets:
Cash and cash equivalents	58,319	28,984
Restricted cash	6,117	35,306
Customer funds	11,061	51,550
Deposits (Note 6)	2,208	1,653
Total cash, cash equivalents, restricted cash, customer funds and deposits	77,705	117,493
Non Pre-Funded Warrants
Cash flows from financing activities:
Proceeds from the exercise of warrants	1	3
Pre-funded warrants
Cash flows from financing activities:
Proceeds from the exercise of warrants	$ 7,464	$ 0

Stockholders’ Equity

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Stockholders’ Equity

Equity

2025 Equity Offering

On July 28, 2025, the Company entered into an Underwriting Agreement (the “Underwriting Agreement”) with Clear Street LLC and Cohen & Co. Capital Markets, a division of Cohen & Company Securities, LLC (collectively, the “Underwriters”), pursuant to which the Company agreed to sell and issue to the Underwriters an aggregate of 6,753,627 shares (the “Shares”) of the Company’s Class A Common Stock, and, for certain purchasers, 746,373 2025 Pre-Funded Warrants (the “Offering”). The price to the public in the Offering was $10.00 per Share and $9.9999 per 2025 Pre-Funded Warrant, which was the price per share at which the Shares were being sold to the public in the Offering, minus the $0.0001 exercise price per Pre-Funded Warrant. See Note 10 for further details regarding the 2025 Pre-Funded Warrants.

The Offering closed on July 30, 2025. The proceeds to the Company from the Offering were $70.4 million, net of fees to the underwriters and other offering expenses payable by the Company. Bakkt intends to use the net proceeds from the Offering to purchase Bitcoin and other digital assets in accordance with its Investment Policy, for working capital, and for general corporate purposes.

The Underwriting Agreement contains customary representations, warranties and agreements by the Company (including a lock-up agreement, pursuant to which, subject to specified exceptions, the Company agreed not to offer or transfer Shares during the 60 day period following the date of the Underwriting Agreement), customary conditions to closing, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act of 1933, as amended (the “Securities Act”) and termination provisions. In connection with the Offering, the Company’s officers and directors and ICE also entered into lock-up agreements, pursuant to which, subject to specified exceptions, they agreed not to offer or transfer their Shares during the 90-day period following the date of the Underwriting Agreement.

2024 Registered Direct Offering

On February 29, 2024, Bakkt entered into a securities purchase agreement with certain institutional investors (the “Third-Party Purchasers”), pursuant to which the Company agreed to sell and issue a combination of Class A Common Stock, Class 1 Warrants, Class 2 Warrants and 2024 Pre-Funded Warrants in a registered direct offering (the “Third-Party Offering”). Refer to Note 10 for further details regarding the Class 1 Warrants, Class 2 Warrants and 2024 Pre-Funded Warrants. In a concurrent registered direct offering (the “ICE Offering” and, together with the Third-Party Offering, the “Concurrent Offerings”) on February 29, 2024, Bakkt entered into a securities purchase agreement with ICE (a related party), pursuant to which the Company agreed to sell and issue a combination of Class A Common Stock, Class 1 Warrants and Class 2 Warrants. Bakkt raised net proceeds from the Third-Party Offering of approximately $37.6 million, after

deducting the placement agent’s fees and offering expenses payable by the Company, and raised net proceeds from the ICE Offering of approximately $9.8 million, after deducting offering expenses payable by the Company. Approximately $2.4 million of proceeds from the ICE Offering were received concurrently with the closing of the Third-Party Offering, with the remaining $7.4 million received in a subsequent closing of the ICE Offering on April 25, 2024 after the Company obtained stockholder approval for such issuance. Bakkt intends to use the net proceeds from the Concurrent Offerings for working capital and other general corporate purposes.

Preferred Stock

We are authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share. The holders of a series of preferred stock shall be entitled only to such voting rights as shall expressly be granted thereto by the Certificate of Incorporation (including any certificate of designation relating to such series of preferred stock). As of September 30, 2025, no shares of preferred stock have been issued.

Common Stock

Class A Common Stock

Each holder of record of Class A Common Stock is entitled to one vote for each share of Class A Common Stock held on all matters on which stockholders generally or holders of Class A Common Stock as a separate class are entitled to vote, including the election or removal of directors (whether voting separately as a class or together with one or more classes of our capital stock). As of September 30, 2025 and December 31, 2024, there were 16,466,495 and 6,510,885 shares of Class A Common Stock issued and outstanding, respectively.

Increase of Authorized Capital

Prior to June 17, 2025, we were authorized to issue 30,000,000 shares with a par value of $0.0001 per share. On June 17, 2025, the stockholders approved an amendment to the Company's Certificate of Incorporation to increase the number of authorized shares of Class A Common Stock from 30,000,000 shares to 60,000,000 shares. On August 6, 2025, the stockholders approved an amendment to the Company's Certificate of Incorporation to increase the number of authorized shares of Class A Common Stock from 60,000,000 shares to 560,000,000 shares and, accordingly, to increase the number of authorized shares of the Company’s Common Stock from 70,000,000 to 570,000,000.

Dividends

Subject to preferences that may be applicable to any outstanding preferred stock, the holders of shares of Class A Common Stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the Board out of funds legally available therefor. As of September 30, 2025, no dividends have been declared.

Liquidation

In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company's affairs, the holders of Class A Common Stock are entitled to share ratably in all assets remaining after payment of Bakkt's debts and other liabilities, subject to prior distribution rights of preferred stock or any class or series of stock having a preference over the Class A Common Stock, then outstanding, if any.

Class V Common Stock

Bakkt is authorized to issue 10,000,000 shares with par value $0.0001 per share. These shares have no economic value but entitle the holder to one vote per share. Class V Common Stock are "Paired Interests" that may be exchanged for one share of the Company's Class A Common Stock or a cash amount in accordance with Opco's Fourth Amended and Restated Limited Liability Company Agreement (the "LLC Agreement") and the Exchange Agreement. Holders of Paired Interests became eligible on April 16, 2022 under the Exchange Agreement to exchange their Paired Interests for Class A

Common Stock, or, at Bakkt's election, cash in lieu thereof. During the three and nine months ended September 30, 2025, holders of Paired Interests exchanged 2,501 and 3,728 Paired Interests for the Company's Class A Common Stock, respectively, and Bakkt did not elect to settle any such exchanges in cash. As of September 30, 2025 and December 31, 2024, there were 7,174,575 and 7,178,303 shares of Class V Common Stock issued and outstanding, respectively.

Dividends

Dividends will not be declared or paid on the Class V Common Stock.

Liquidation

In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company's affairs, the holders of Class V Common Stock shall not be entitled to receive any of our assets.

Restrictions

In the event that any outstanding share of Class V Common Stock ceases to be held directly or indirectly by a holder of Opco Common Units, such share will automatically be transferred to Bakkt and cancelled for no consideration. The Company will not issue additional shares of Class V Common Stock, other than in connection with the valid issuance or transfer of Opco Common Units in accordance with the LLC Agreement.

Noncontrolling Interest

The following table summarizes the ownership interest in Opco as of September 30, 2025 and December 31, 2024.


	September 30, 2025			December 31, 2024
	Opco Common Units	Ownership %		Opco Common Units	Ownership %
Opco common units held by Bakkt Holdings, Inc.	16,466,495	70	%	6,510,885	48	%
Opco common units held by noncontrolling interest holders	7,174,575	30	%	7,178,303	52	%
Total Opco common units outstanding	23,641,070	100	%	13,689,188	100	%

The weighted average ownership percentages for the applicable reporting periods are used to attribute net income (loss) and other comprehensive income (loss) to the Company and the noncontrolling interest holders. The noncontrolling interest holders' weighted average ownership percentage for the three and nine months ended September 30, 2025 was 35.5% and 45.0%, respectively.

Members’ Equity

Prior to the VIH Business Combination, Opco had three classes of voting units – Class A, Class B and Class C voting units – and incentive units granted under the Second Amended and Restated Bakkt Equity Incentive Plan (the “Opco Plan”).

In connection with the VIH Business Combination, the Opco equity holders converted 16,000,000 Opco Class A voting units, 7,698,138 Opco Class B voting units, and 10,810,810 Opco Class C voting units to 7,597,331 shares of Class V common stock on a pro rata basis. Additionally, Bakkt issued 698,934 shares of Class V common stock related to the outstanding Opco incentive units.

In connection with the VIH Business Combination, Class C warrants of Opco ("Class C Warrants") automatically converted into the right to purchase 31,734 Paired Interests in Opco at an exercise price of $126.00 per Paired Interest. Class C Warrants may only be exercised for a whole number of Paired Interests. Holders of Class C Warrants are entitled to purchase one Paired Interest for every 25 Class C Warrants. The Class C Warrants expired on September 23, 2024, and

all Class C Warrants, vested and unvested, expired unexercised. Because Class C Warrants expired in 2024, no expense was recorded for the three and nine months ended September 30, 2025, and no expense was recognized for the three and nine months ended September 30, 2024, since the service conditions were not probable of being met.

- Definition

The entire disclosure for equity.

+ References

+ Details

Leases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Lease assignment, income			$ 1.8
Lease assignment, third-party expense			$ 0.9
Weighted average remaining lease term	84 months		84 months		85 months
Weighted average discount rate	5.00%		5.00%		5.00%
Rent expense	$ 0.1	$ 0.1	$ 0.1	$ 0.1
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	84 months		84 months

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Effective tax rate	0.20%	(40.20%)	(0.50%)	(0.20%)
Unrecognized tax benefits	$ 0.0		$ 0.0		$ 0.0
Unrecognized tax benefits, interest and penalties accrued	$ 0.0		$ 0.0		$ 0.0

Related Parties - Narrative (Details) - USD ($) $ in Thousands						3 Months Ended		9 Months Ended
	Jul. 31, 2025	May 15, 2025	Mar. 27, 2025	Mar. 17, 2025	Aug. 12, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 29, 2025	Aug. 31, 2025	Jun. 29, 2025	Jun. 18, 2025	Mar. 31, 2025	Mar. 30, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Loss on sale of Bakkt Trust								$ 2,301	$ 0
Related Party Transactions, Fee Payable											$ 200
Related Party Transaction, Payments								0
DTR
Related Party Transaction [Line Items]
Term of Commercial Agreement (in years)	3 years
Related Party
Related Party Transaction [Line Items]
Other current liabilities						$ 0		0								$ 2,360
ICE \| Related Party
Related Party Transaction [Line Items]
Loss on sale of Bakkt Trust		$ 2,300
Equity Purchase Agreement, Amount				$ 1,500
Banking Regulation, Tangible Capital, Actual				$ 3,000
ICE \| Related Party \| Transition Services Agreement
Related Party Transaction [Line Items]
Other current liabilities						0		0								$ 2,400
Line of Credit \| ICE Credit Facility
Related Party Transaction [Line Items]
Maximum borrowing capacity					$ 40,000					$ 30,000		$ 20,000			$ 10,000
Annual increase in interest, when interest is elected to be paid-in-kind					1.00%
Interest rate in event of default					2.00%
Commitment fee percentage					0.50%
Proceeds from lines of credit			$ 5,000
Long-Term Debt, Gross														$ 5,000
Interest expense						$ 200	$ 0	$ 200	$ 0
Debt instrument, interest rate													16.30%
Line of Credit \| ICE Credit Facility \| Secured Overnight Financing Rate (SOFR)
Related Party Transaction [Line Items]
Debt instrument, variable rate					12.00%
Line of Credit \| ICE Credit Facility \| Prime Rate
Related Party Transaction [Line Items]
Debt instrument, variable rate					11.00%

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company's accounting policies are as set forth in the notes to its Annual Report on Form 10-K for the year ended December 31, 2024 (the "Form 10-K"). Basis of Presentation The accompanying unaudited interim consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited interim consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In addition, certain reclassifications of amounts previously reported have been made to the accompanying consolidated financial statements in order to conform to current presentation. In the opinion of management, all adjustments (consisting of normal recurring accruals), considered necessary for a fair presentation have been included. The interim results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025, or for any other future annual or interim period. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes thereto included in the Form 10-K. On April 29, 2024, following approval by our stockholders and Board of Directors (the “Board”), Bakkt effected a reverse stock split (the “Reverse Stock Split”) of its Class A Common Stock, par value $0.0001 per share (“Class A Common Stock”), and Class V Common Stock, par value $0.0001 per share (“Class V Common Stock” and collectively with the Class A Common Stock, the “Common Stock”), at a ratio of 1-for-25 (the “Reverse Stock Split Ratio”). The Company's Class A Common Stock began trading on a reverse-split adjusted basis on the New York Stock Exchange (the "NYSE") as of the open of trading on April 29, 2024. All outstanding warrants and share-based awards were also adjusted on a 1-for-25 basis. As such, the Reverse Stock Split has been retroactively applied to all share and per share information throughout this Quarterly Report on Form 10-Q (unless otherwise noted). Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its estimates and assumptions on historical experience and various judgments that it believes to be reasonable under the circumstances. The significant estimates and assumptions that affect the financial statements may include, but are not limited to, those that are related to going concern, income tax valuation allowances, useful lives and fair value of intangible assets and property, equipment and software, fair value of financial assets and liabilities, determining provision for doubtful accounts, valuation of acquired tangible and intangible assets, the impairment of intangible and long-lived assets and goodwill, issued warrants, and fair market value of stock-based awards. Actual results and outcomes may differ from management’s estimates and assumptions and such differences may be material to the Company's audited consolidated financial statements. Change in Accounting Principle Safeguarding Obligation for Crypto On January 23, 2025, the Securities and Exchange Commission (the “SEC”) issued Staff Accounting Bulletin (“SAB”) No. 122 (“SAB 122”), which was officially entered into the federal register January 30, 2025. SAB 122 rescinds the previously issued SEC staff interpretative guidance in SAB No. 121 related to accounting for obligations to safeguard crypto assets that an entity holds for its platform users. SAB 122 indicates that an entity that has an obligation to safeguard crypto assets for others should determine whether it should recognize a liability for a risk of loss for such obligation and should recognize and measure any such liability in accordance with Accounting Standards Codification (“ASC”) 450-20, Loss Contingencies. The Company elected to adopt SAB 122 as of December 31, 2024, on a retrospective basis in accordance with SAB 122. As a result of the adoption of SAB 122, the Company derecognized the Safeguarding obligation for crypto and Safeguarding asset for crypto previously recognized in the consolidated financial statements. In accordance with U.S. GAAP, the periods presented have been retrospectively adjusted to reflect this change, with no impact on revenues, operating loss, net income (loss), net income (loss) per share, or any components of equity or net assets. Convertible Debentures On June 18, 2025, the Company issued a $25.0 million convertible debenture that was classified as a liability in accordance with ASC 470-20, Debt with Conversion and Other Options. The debenture was convertible into shares of the Company's Class A Common Stock at the option of the holder. Because the conversion option did not require separate accounting, the liability was initially measured at the proceeds received, and the convertible debenture was reported at amortized cost each reporting period. The original discount on the debenture and issuance costs was being amortized to interest expense over the term of the debenture using the effective interest method. On September 15, 2025, we exercised our right to redeem the remaining outstanding balance of the convertible debenture in cash, which resulted in the acceleration of the remaining original discount and issuance costs of the debenture, which were recognized as a loss on the extinguishment of debt. For purposes of calculating diluted earnings per share, the Company applies the if-converted method to the convertible portion of the outstanding Convertible Debentures. Under this method, the convertible portion is assumed to be converted into common shares at the beginning of the reporting period (or at the date of issuance, if later), and the resulting shares are included in the diluted weighted-average share count, if the effect is dilutive. Segments We have one operating and reportable segment. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), who is Akshay Naheta, our Chief Executive Officer, in deciding how to allocate resources and assessing performance. Equity Method Investment The Company accounts for investments under the equity method of accounting when it is deemed to have the ability to exercise significant influence over the investees' operating and financial policies through its ownership interest, but does not control the investee. Under the equity method, the investment is initially recorded at cost and subsequently adjusted for the Company’s proportionate share of the investee's net income or loss, as well as other changes in the investee's net assets, including dividends received and foreign currency translation adjustments, where applicable. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. Any identified impairment losses are recognized in the period in which the decline in value is deemed other-than-temporary. Based on circumstances related to the timing of investee's reporting financial results, Bakkt has elected to report its share of investee income or loss on a quarter lag. Discontinued Operations On July 23, 2025, Bakkt Opco Holdings, LLC (“Opco”), a wholly owned subsidiary of the Company, entered into an agreement to sell all of the issued and outstanding equity interests of Bridge2 Solutions, LLC, Aspire Loyalty Travel Solutions, LLC, Bridge2 Solutions Canada, Ltd., and B2S Resale, LLC (collectively, the “Acquired Companies”) to Project Labrador Holdco, LLC, a wholly owned subsidiary of Roman DBDR Technology Advisors, Inc. (the “Purchaser” or "Roman"). These entities comprised the Company’s loyalty and travel redemption business (the “Loyalty Business”), and the transaction comprised a part of the Company’s strategic transformation into a pure-play cryptocurrency infrastructure platform. In accordance with ASC 205-20, Bakkt management determined that the Loyalty Business met the criteria for classification as held for sale and a discontinued operation as of September 30, 2025. This determination was based on management’s commitment to a formal plan to sell the business, the significance of the business to the Company's historical operations, and the expectation that the sale will result in the elimination of the operations and cash flows of the Loyalty Business from ongoing operations. As such, the results of operations, financial position, and cash flows of the Loyalty Business have been reclassified and and are presented as discontinued operations for all periods presented, where applicable. Assets and liabilities related to the Loyalty Business have been reclassified as held for sale in the consolidated balance sheets, and the related operating results, including any gains or losses on the sale, are reported separately from continuing operations in the consolidated statements of operations for all periods presented. Derivative Assets and Liabilities Derivative assets and liabilities are recorded on the Company`s consolidated balance sheets at their fair value on the date of issuance and are revalued on each balance sheet date until such instruments are settled or expire, with changes in the fair value between reporting periods recorded as other income or expense within Other (expense) income, net in the consolidated statements of operations. The Company does not use derivative instruments for speculative purposes or to hedge exposures to cash flow or market risks. Certain transactions entered into by the Company include freestanding financial instruments and/or embedded features that require separate accounting as derivative assets and/or liabilities. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. Liquidity and Going Concern The accompanying unaudited consolidated financial statements are prepared on a going concern basis in accordance with U.S. GAAP. This presentation contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and does not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described below. At each reporting period, in accordance with U.S. GAAP, management evaluates whether there are conditions or events that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. In accordance with U.S. GAAP, the initial evaluation can only include management’s plans that have been fully implemented as of the issuance date. Operating forecasts for new products/markets cannot be considered in the initial evaluation as those product/market launches have not been fully implemented. Accordingly, management's evaluation entails analyzing prospective fully implemented operating budgets and forecasts for expectations of the Company's cash needs and comparing those needs to the current cash and cash equivalent balances. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company's ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. Evaluation in conjunction with the issuance of the September 30, 2025 unaudited consolidated financial statements Since inception, the Company has consumed cash in excess of cash inflows from operations and fundraising. The Company’s accumulated deficit totaled $819.9 million as of September 30, 2025. Due to ongoing losses, the Company has been working to optimize capital allocation and reduce cash expenses since the fourth quarter of 2022. Significantly expanding Bakkt's revenue base is critical to the Company’s strategic plan to be able to generate a sustainable operating profit. There is significant uncertainty associated with Bakkt's projected cash flows in the Company's going concern analysis primarily related to the revenue growth rates for its expansion to new products, as well as the growth of its revenue base, given the uncertain and rapidly evolving environment associated with crypto assets. In forecasting the Company's expectation of cash needs for the initial going concern evaluation, the Crypto services revenue growth projections exclude activation of new clients or products currently not live on Bakkt's platform as of the date of release of these consolidated financial statements. Historically, the Company’s sources of liquidity included cash and cash equivalents, available-for-sale securities and equity offerings. As discussed in Note 11, on July 30, 2025, the Company raised $75.0 million of gross proceeds prior to underwriting fees and expenses from an offering of common stock and pre-funded warrants. Management believes that the Company's cash and cash equivalents and available-for-sale securities, inclusive of net proceeds from the common stock and pre-funded warrant issuance, will be sufficient to fund Bakkt's operations for 12 months from the date of these financial statements are issued. Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06"). This ASU simplifies the accounting for convertible instruments by eliminating certain separation models and improves the consistency of earnings per share calculations by requiring the use of the if-converted method for all convertible instruments. It also enhances disclosures about the terms of convertible instruments and contract in an entity's own equity. ASU 2020-06 was effective for fiscal years beginning after December 15, 2023, including interim periods within those years. In connection with the Convertible debenture issued in June 2025, the Company is subject to and adopted ASU 2020-06. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Topic 350-60), Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”), which requires entities measure assets that meet the scope criteria at fair value with changes recognized in net income each reporting period. ASU 2023-08 also requires enhanced disclosures for interim and annual periods. The ASU is effective for fiscal years beginning after December 15, 2024, including interim periods within those years. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which will require additional tax disclosures, predominantly related to the effective income tax rate reconciliation and income taxes paid. The updated standard will be effective for our annual periods beginning in fiscal 2025. Early adoption is permitted. Management is evaluating the impact that the updated standard will have on the Company's consolidated financial statement disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses, which requires disclosure of additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU replaces the existing project-stage model with a principles-based "probable-to-complete" capitalization threshold and relocates website-development cost into ASC 350-40, Intangibles-Goodwill and Other: Internal-Use Software. The amendments are effective for fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact of this standard on its consolidated financial statements and related disclosures.

Net Loss per share - Basic and Diluted Per Share Computations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator – basic and diluted:
Net loss from continuing operations	$ (21,554)	$ (3,763)	$ (29,058)	$ (54,671)
Less: Net loss from continuing operations attributable to noncontrolling interest	(7,668)	(2,033)	(11,858)	(30,854)
Net loss from continuing operations attributable to Bakkt Holdings, Inc.	(13,886)	(1,730)	(17,200)	(23,817)
Net loss from discontinued operations attributable to Bakkt Holdings, Inc.	(1,032)	(1,163)	(4,742)	(3,663)
Net loss attributable to Bakkt Holdings, Inc.	$ (14,918)	$ (2,893)	$ (21,942)	$ (27,480)
Denominator – basic and diluted:
Weighted average shares outstanding – basic (in shares)	13,015,011	6,361,793	8,783,195	5,642,609
Weighted average shares outstanding – diluted (in shares)	13,015,011	6,361,793	8,783,195	5,642,609
Net loss per share from continuing operations attributable to Bakkt Holdings, Inc. - basic (in dollars per share)	$ (1.07)	$ (0.27)	$ (1.96)	$ (4.22)
Net loss per share from continuing operations attributable to Bakkt Holdings, Inc. - diluted (in dollars per share)	(1.07)	(0.27)	(1.96)	(4.22)
Net loss per share from discontinued operations attributable to Bakkt Holdings, Inc. - basic (in dollars per share)	(0.08)	(0.18)	(0.54)	(0.65)
Net loss per share from discontinued operations attributable to Bakkt Holdings, Inc. - diluted (in dollars per share)	(0.08)	(0.18)	(0.54)	(0.65)
Net loss per share attributable to Bakkt Holdings, Inc. - basic (in dollars per share)	(1.15)	(0.45)	(2.50)	(4.87)
Net loss per share attributable to Bakkt Holdings, Inc. - diluted (in dollars per share)	$ (1.15)	$ (0.45)	$ (2.50)	$ (4.87)

Share-Based and Unit-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of RSU Activity

The following tables summarize RSU and PSU activity for the nine months ended September 30, 2025 and September 30, 2024 (in thousands, except per unit data):


RSUs and PSUs	Number of RSUs and PSUs	Weighted Average Remaining Contractual Term (years)	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding as of December 31, 2023	521	1.38	$	69.75
Granted	1,265		$	13.29	$	16,816
Forfeited	(167)
Vested	(345)
Outstanding as of September 30, 2024	1,274	1.59	$	13.69

Outstanding as of December 31, 2024	1,421	1.36	$	18.17
Granted	2,726		$	9.91	$	26,800
Forfeited	(401)
Vested	(996)
Outstanding as of September 30, 2025	2,750	0.94	$	10.83

Schedule of PSU Activity

The following tables summarize RSU and PSU activity for the nine months ended September 30, 2025 and September 30, 2024 (in thousands, except per unit data):


RSUs and PSUs	Number of RSUs and PSUs	Weighted Average Remaining Contractual Term (years)	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding as of December 31, 2023	521	1.38	$	69.75
Granted	1,265		$	13.29	$	16,816
Forfeited	(167)
Vested	(345)
Outstanding as of September 30, 2024	1,274	1.59	$	13.69

Outstanding as of December 31, 2024	1,421	1.36	$	18.17
Granted	2,726		$	9.91	$	26,800
Forfeited	(401)
Vested	(996)
Outstanding as of September 30, 2025	2,750	0.94	$	10.83

Summary of Incentive Unit Activity

The following table summarizes common incentive unit activity under the Opco Plan for the nine months ended September 30, 2025 and September 30, 2024 (in thousands, except per unit data):


Common Incentive Units	Number of Common Incentive Units	Weighted Average Remaining Contractual Term (years)	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding as of December 31, 2024	287	0	$	166.75	$	47,867
Granted	—
Forfeited	—
Exchanged	(4)
Outstanding as of September 30, 2025	283	0	$	166.75	$	47,246


Common Incentive Units	Number of Common Incentive Units	Weighted Average Remaining Contractual Term (years)	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding as of December 31, 2023	309	0	$	166.75	$	51,467
Granted	—
Forfeited	—
Exchanged	(5)
Outstanding as of September 30, 2024	304	0	$	166.75	$	50,677

Schedule of Valuation Assumptions

The assumptions noted in the table below were used to estimate the fair value of the PSUs with market conditions.


Initial stock price	$8.71 - $12.79
Expected term (years)	2 - 3 years
Coefficient of variation	-
Risk free rate	3.79% - 3.98%
Volatility	125	%
Dividend yield	0%

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Operating expenses:
Crypto costs	$ 396,815	$ 312,841	$ 2,012,524	$ 1,636,514
Execution, clearing and brokerage fees	3,965	2,207	15,797	11,229
Compensation and benefits	8,084	9,868	26,040	31,250
Professional services	7,364	5,282	16,562	12,300
Technology and communication	2,210	2,158	5,511	7,306
Selling, general and administrative	3,211	7,830	9,978	19,744
Depreciation and amortization	153	107	527	281
Related party expenses	0	150	0	450
Impairment of long-lived assets	480	601	480	744
Restructuring expenses	5,107	425	5,335	7,492
Other operating expenses	85	1	135	97
Total operating expenses	427,474	341,470	2,092,889	1,727,407
Operating income (loss) from continuing operations	(25,263)	(25,137)	(56,819)	(72,593)
Interest (expense) income, net	(50)	1,014	518	3,215
(Loss) gain from change in fair value of warrant liability	(37,187)	19,984	(13,543)	13,916
Other (expense) income, net	40,921	263	40,887	910
Loss from continuing operations before income taxes	(21,579)	(3,876)	(28,957)	(54,552)
Income tax (expense) benefit	25	113	(101)	(119)
Net loss from continuing operations	(21,554)	(3,763)	(29,058)	(54,671)
Net loss from discontinued operations, net of tax	(1,602)	(2,528)	(8,011)	(8,407)
Net loss	(23,156)	(6,291)	(37,069)	(63,078)
Less: Net loss attributable to noncontrolling interest	(8,238)	(3,398)	(15,127)	(35,598)
Net loss attributable to Bakkt Holdings, Inc.	$ (14,918)	$ (2,893)	$ (21,942)	$ (27,480)
Net loss per share attributable to Class A Common Stockholders:
Basic (in dollars per share)	$ (1.15)	$ (0.45)	$ (2.50)	$ (4.87)
Diluted (in dollars per share)	$ (1.15)	$ (0.45)	$ (2.50)	$ (4.87)
Crypto services
Total revenues and gains from operations	$ 402,211	$ 316,333	$ 2,036,070	$ 1,654,814

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As a result of the the business combination that caused Bakkt to become a publicly traded company in 2021, the Company acquired a controlling interest in Opco, which is treated as a partnership for U.S. federal income tax purposes, and in most applicable state and local income tax jurisdictions. As a partnership, Opco is not itself subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by Opco is passed through to and included in the taxable income or loss of its partners, including the Company, on a pro rata basis. The Company's income tax benefit (expense) primarily relates to the Company’s allocable share of any taxable income or loss of Opco following the 2021 business combination. In addition, Opco’s wholly owned corporate subsidiaries that are consolidated for U.S. GAAP purposes but separately taxed for federal, state, and foreign income tax purposes as corporations are generating federal, state, and foreign income tax expense. Bakkt's effective tax rates of 0.2% and (0.5)% for the three and nine months ended September 30, 2025. respectively, differ from statutory rates primarily due to the noncontrolling interest that is not taxed to the Company and the absence of taxable income to realize the Company's net operating losses and other deferred tax assets. The Company's effective tax rates of (40.2)% and (0.2)% for the three and nine months ended September 30, 2024. respectively, differ from statutory rates primarily due to the noncontrolling interest that is not taxed to the Company and the absence of taxable income to realize the Company's net operating losses and other deferred tax assets. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realizability of the Company's deferred tax assets, in each jurisdiction, is dependent upon the generation of future taxable income sufficient to utilize the deferred tax assets on income tax returns, including the reversal of existing temporary differences, historical and projected operating results and tax planning strategies. As of September 30, 2025 and December 31, 2024, the Company believed that it was not more likely than not that the net deferred tax assets would be realizable and thus maintained a full valuation allowance. The effects of uncertain tax positions are recognized in the consolidated financial statements if these positions meet a “more-likely-than-not” threshold. For those uncertain tax positions that are recognized in the consolidated financial statements, liabilities are established to reflect the portion of those positions it cannot conclude “more-likely-than-not” to be realized upon ultimate settlement. The Company had no unrecognized tax benefits or related interest and penalties accrued as of September 30, 2025 or December 31, 2024. On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law by President Trump. Key provisions of the Act include the reinstatement of 100% bonus depreciation, the immediate expensing of domestic research and experimentation expenditures, and modifications to the limitation on business interest deductions. While Bakkt management continues to evaluate the impact that the OBBBA will have on the Company's consolidated financial statements and disclosures, Bakkt management does not anticipate a material impact.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Nov. 06, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-39544
Entity Registrant Name	BAKKT HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-2324812
Entity Address, Address Line Three	One Liberty Plaza
Entity Address, Address Line One	One Liberty St.
Entity Address, Address Line Two	Ste. 305-306
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10006
City Area Code	678
Local Phone Number	534-5849
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001820302
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	BKKT
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding (in shares)		24,038,434
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase Class A Common Stock
Trading Symbol	BKKT WS
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding (in shares)		7,140,383

Goodwill and Intangible Assets, Net

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Changes in goodwill consisted of the following (in thousands):


Balance as of January 1, 2025
Goodwill	$	1,579,265
Accumulated impairment	(1,511,264)
	68,001


Sale of Bakkt Trust	(3,343)

Balance as of September 30, 2025
Goodwill	1,575,922
Accumulated impairment	(1,511,264)
	$	64,658

No goodwill has or will be allocated to the sale of the Loyalty Business based on the financial terms and conditions of the transaction.

During the quarter ended June 30, 2025, the Company completed the sale of Bakkt Trust. As part of the sale, approximately $3.3 million of goodwill was included in the carrying amount of Bakkt Trust upon sale and in determining the loss on sale.

Bakkt management did not identify any indicators of impairment related to goodwill and other intangible assets during the three months ended September 30, 2025.

On March 14, 2025, the Company's largest crypto client, Webull, notified the Company that it would not renew its agreement with Bakkt that ended on June 14, 2025, although the Company continues to service a limited number of states under an amended agreement with Webull. Due to the significance of Webull to the Company's historical Crypto services revenue, Bakkt management determined that the non-renewal notification was a triggering event indicating a

potential impairment of the Company's goodwill during the three months ended March 31, 2025. Bakkt management elected to bypass performing a qualitative assessment and proceeded directly to a quantitative impairment assessment.

The Company retained a third-party valuation firm to estimate the fair value of its indefinite lived intangible asset (the “Tradename”) and single reporting unit.

Goodwill impairment is measured as the excess of a reporting unit's carrying amount over its estimated fair value, not to exceed the carrying amount of goodwill for that reporting unit. For the quantitative goodwill impairment analysis, the Company compared the estimated fair value of its reporting unit to the carrying amount. The estimated fair value of the reporting unit was derived using a market approach and an income approach, with equal weighting given to both approaches. A discounted cash flow (“DCF”) model was used for the income approach. The DCF model reflected the Company’s assumptions regarding revenue growth rates, forecast earnings before interest, taxes, depreciation, and amortization (“EBITDA”) margins (and thus operating expenses), capital expenditures, discount rates (including the company-specific risk premium assumption), terminal period growth rates, economic and market trends, and other expectations about the anticipated operating results of its reporting unit. Management estimates of future performance and metrics of guideline public companies (“GPCs”) were used to estimate revenue growth rates, EBITDA margins, and discount rate. Market and industry reports and data were used to estimate terminal period growth rates. The base of the income approach utilized the Company’s projected cash flow estimates, which are unobservable, Level 3 inputs. Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available. The overall forecast estimate was developed using the best information available as of March 31, 2025, in consultation with a third-party valuation firm. The discount rate used is intended to be commensurate with the risks and uncertainty inherent in Bakkt’s business. The market approach valuation was derived from metrics of the GPCs, which are Level 2 inputs, and management estimates of future performance with consideration for a control premium. A significant judgment in using the market approach includes the selection of comparable GPCs with consideration of risk profiles, size, geography, and business operations.

The impairment analysis for the Tradename involved the use of a relief from royalty approach, which estimated the value of the stream of payments a market participant would pay to make use of the in-place Tradename. Significant judgments in this analysis included forecasted revenue and growth rates, the royalty rate, and the discount rate.

The discount rate used in the valuations described above was 12.5%.

The results of the Company’s quantitative impairment analyses as of March 31, 2025 indicated that there was no impairment of the Company’s Tradename or goodwill. Bakkt management considered the existence of material nonpublic information as of March 31, 2025 in reaching this conclusion (Level 3 inputs). In the event the financial performance of the reporting unit does not meet management’s expectations in the future, the Company experiences a prolonged macroeconomic downturn, there is a decline in the Company’s market capitalization, or there are other negative revisions to key assumptions used in the DCF or Market Approach used to value the Tradename and reporting unit, the Company may be required to perform additional impairment analyses with respect to the reporting unit and Tradename and could be required to recognize impairment charges.

Management did not identify any indicators of impairment during the three months ended September 30, 2024. During the three months ended March 31, 2024, management identified a triggering event related to the significant decline in the Company's stock price, indicating a potential impairment of the Company's goodwill. Management determined no goodwill impairment charge was required based on a comparison of the Company's market capitalization against the carrying value of its equity.

Intangible assets consisted of the following as of September 30, 2025 (in thousands):


	September 30, 2025
	Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks / trade names	Indefinite	$	2,900	—		$	2,900
Domain names	Indefinite	2,650		—		2,650
Total		$	5,550	$	—	$	5,550


	December 31, 2024
	Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Trademarks / trade names	Indefinite	$	2,900	—		$	2,900


Total		$	2,900	$	—	$	2,900

During the three months ended September 30, 2025, the Company acquired website domain names for $2.7 million. The domain names were acquired to support the global expansion of its digital asset investment treasury strategy in strategic jurisdictions.

Commitment and Contingencies - Future Minimum Commitments (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Less than 1 year	$ 4,500
1-3 years	1,500
3-5 years	0
More than 5 years	0
Total	$ 6,000

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Lease Termination On November 6, 2025, Bakkt executed a Termination of Lease Agreement (the "Lease Termination") for its corporate headquarters office space in Alpharetta, Georgia. The Lease Termination releases the Company from all lease obligations at that location as of September 30, 2025, including the obligations related to the portion of the lease that was sub-let as described in Note 17. Up-C Collapse On November 3, 2025, the Company completed an internal reorganization to streamline its corporate structure by eliminating the Company’s umbrella partnership-C-corporation (“Up-C”) structure (the “Reorganization”). As part of the Reorganization, Bakkt formed a new holding company (“NewCo”) that replaced the Company as a listed parent company. In connection with the Reorganization, (i) holders of shares of Class A common stock, par value $0.0001 per share, of the Company (“Bakkt Class A Common Stock”) ceased to hold such shares and received an equivalent number of shares of Class A common stock, par value $0.0001 per share, of NewCo (“NewCo Class A Common Stock”) that have the same voting and economic rights as Bakkt Class A Common Stock, (ii) holders of shares of Class V common stock, par value $0.0001 per share, of the Company (“Bakkt Class V Common Stock”) ceased to hold such shares and received an equivalent number of shares of Class V common stock, par value $0.0001 per share, of NewCo (“NewCo Class V Common Stock”) that have the same voting and economic rights as the Bakkt Class V Common Stock, (iii) holders of common units in Bakkt Opco Holdings, LLC, each coupled with one share of Bakkt Class V Common Stock (together, the “Paired Interests”), ceased to hold such Paired Interests and received an equivalent number of shares of NewCo Class A Common Stock, resulting in the elimination of shares of NewCo Class V Common Stock and NewCo having only one class of outstanding common stock, (iv) holders of membership units of the Management Vehicle ceased to hold membership units of the Management Vehicle and received in exchange corresponding Opco Incentive Unit granted under the Opco Plan, as amended, held by the Management Vehicle, together with the share of NewCo Class V Common Stock paired therewith, and (v) holders of Opco Incentive Units, together with the share of NewCo Class V Common Stock paired therewith, ceased to hold such Opco Incentive Units and the shares of NewCo Class V Common Stock paired therewith, and received in exchange the right to receive a corresponding number of validly issued, fully paid and nonassessable share of NewCo Class A Common Stock. Amendment to Tax Receivable Agreement & Contribution Agreement In connection with the Reorganization, Bakkt, ICE and Mr. Naheta entered into an amendment (the “TRA Amendment”) to the TRA, dated as of October 15, 2021, by and among the Company and the persons named therein, as well as a Contribution Agreement relating to their respective rights under the TRA (as amended, the “Contribution Agreement”). Pursuant to the TRA amendment and the Contribution Agreement, ICE and Mr. Naheta agreed that they would, at closing, (i) contribute their rights under the TRA to NewCo in exchange for a cash payment from NewCo equal to the respective amount to which ICE and Mr. Naheta would otherwise be entitled under the TRA (as amended), (ii) Mr. Naheta would further contribute such cash payable to Mr. Naheta to NewCo in exchange for shares of NewCo Class A Common Stock, and (iii) ICE would further contribute such cash payable to ICE to NewCo in exchange for shares of Series A Non-Voting Convertible Preferred Stock (“NewCo Preferred Stock”) of NewCo, each convertible into one share of NewCo Class A Common Stock (such conversion being conditional upon the expiry or termination of the waiting period (and any extension thereof, including pursuant to any timing agreement) applicable to it under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”)), and further agreed that the respective obligations of ICE and Mr. Naheta, on the one hand, and NewCo, on the other hand, to transfer the foregoing cash amounts will be net-settled and offset against one another. In addition, the TRA Amendment sets the discount rate to be used in calculating TRA payments to TRA holders at 18%, calculated as of the date of consummation of the Reorganization, except that for ICE and Mr. Naheta only, the value of the TRA payment was capped at the value of such payment calculated as of the date of the TRA Amendment. At the completion of the Reorganization, the Company issued 465,890 and 69,733 shares of NewCo Class A Common Stock to ICE and Mr. Naheta, respectively. The cash payments to be made to TRA holders other than ICE and Mr. Naheta are $5.7 million. Loyalty Business Sale Closing On October 1, 2025, Bakkt completed the sale of the Loyalty business to Project Labrador Holdco, LLC. At the Closing, the Company delivered the equity of the Acquired Entities, together with an amount of cash equal to $18,876,950, which consisted of an agreed amount of $9,974,000 plus (i) the amount of the most negative working capital of the business that existed in the twelve months prior to the closing date, (ii) the amount of estimated indebtedness, and (iii) agreed expenses, and minus (iv) certain deductions for amounts owed by the Purchaser to Opco, subject to post-closing adjustments. Opco also placed the Escrow Amount (defined below) into an escrow account, to hold funds for the indemnity obligations of Opco and the working capital adjustment and indebtedness adjustment, in each case as set forth in the Purchase Agreement and an accompanying escrow agreement. At the Closing of the Transaction, pursuant to an escrow agreement, Opco deposited with the escrow agent (i) $1,000,000 into an indemnity escrow account (the “Indemnity Escrow Amount”), and (ii) $1,500,000 into a working capital adjustment escrow account (the “Adjustment Escrow Amount” and together with the Indemnity Escrow Amount, the “Escrow Amount”), in each case to be disbursed by the escrow agent in accordance with the terms of the Purchase Agreement and the escrow agreement. Subject to certain exceptions, on the applicable Escrow Termination Date (as defined in the Purchase Agreement), the escrow agent shall disburse the remaining Escrow Amount, if any. After the twelve-month anniversary of the Closing, the parties will determine whether the value of working capital delivered to the Purchaser at the Closing was greater than the greatest absolute value of working capital that existed in the twelve months following the date of the Closing. If the value of working capital delivered to the Purchaser at the Closing was greater than such greatest absolute value, the Purchaser shall pay to Opco the difference between the value of working capital delivered to the Purchaser at the Closing and such greatest absolute value. In addition, at the Closing, approximately $5,000,000 in restricted cash was loaned to the Purchaser by Opco pursuant to the Purchase Agreement and unsecured subordinated promissory notes to support obligations under certain agreements of the Acquired Entities. Such notes are expected to be repaid by the Purchaser when such cash is no longer restricted. In connection with the sale of the Loyalty Business,the Company entered into a transition services agreement pursuant to which the Company and the Purchaser or their respective affiliates will provide certain transition services to one another. 2025 Pre-Funded Warrants On October 28, 2025, the remaining issued and outstanding 28,265 2025 Pre-Funded Warrants were exercised for 28,264 Class A Common Stock shares.

Subsequent Events (Details) - USD ($)					3 Months Ended
Subsequent Events (Details) - USD ($)	Nov. 03, 2025	Oct. 28, 2025	Oct. 01, 2025	Jul. 23, 2025	Sep. 30, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 17, 2025	Dec. 31, 2024	Apr. 29, 2024
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)								$ 0.0001
Equity offerings, net of issuance costs					$ 62,962,000	$ 4,903,000	$ 11,269,000
Opco
Subsequent Event [Line Items]
Cash consideration				$ 11,000,000
Indemnity Escrow Account \| Opco
Subsequent Event [Line Items]
Cash consideration				1,000,000
Working Capital Adjustment Escrow Account \| Opco
Subsequent Event [Line Items]
Cash consideration				$ 1,500,000
Subsequent Event
Subsequent Event [Line Items]
Discount rate to be used to calculate percentage of payments to holders	18.00%
Subsequent Event \| Pre-funded warrants
Subsequent Event [Line Items]
Warrants issued (in shares)		28,265
Warrants outstanding (in shares)		28,265
Subsequent Event \| Opco
Subsequent Event [Line Items]
Restricted cash loaned			$ 5,000,000
Subsequent Event \| Indemnity Escrow Account \| Opco
Subsequent Event [Line Items]
Cash consideration			1,000,000
Subsequent Event \| Working Capital Adjustment Escrow Account \| Opco
Subsequent Event [Line Items]
Cash consideration			1,500,000
Subsequent Event \| Discontinued Operations, Held-for-Sale \| Loyalty Business \| Project Labrador Holdco, LLC
Subsequent Event [Line Items]
Consideration			18,876,950
Proceeds from divestiture			$ 9,974,000
Bakkt Class A Common Stock \| Subsequent Event
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001
NewCo Class A Common Stock \| Subsequent Event
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001
Equity offerings, net of issuance costs	$ 5,700,000
NewCo Class A Common Stock \| Subsequent Event \| ICE
Subsequent Event [Line Items]
Number of shares issued (in shares)	465,890
NewCo Class A Common Stock \| Subsequent Event \| Mr. Naheta
Subsequent Event [Line Items]
Number of shares issued (in shares)	69,733
Bakkt Class V Common Stock \| Subsequent Event
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001
NewCo Class V Common Stock \| Subsequent Event
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001
Class A Common Stock
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)					$ 0.0001				$ 0.0001	$ 0.0001
Class A Common Stock \| Subsequent Event \| Pre-funded warrants
Subsequent Event [Line Items]
Exercise of warrants (in shares)		28,265
Warrants received upon exercise (in shares)		28,264

Convertible Debenture	9 Months Ended
Convertible Debenture	Sep. 30, 2025
Debt Disclosure [Abstract]
Debt Disclosure	Convertible Debenture On June 17, 2025, we entered into a private placement with YA II PN, LTD. (the "Private Placement"), a Cayman Islands exempt limited company (the “Investor”). The Private Placement closed on June 18, 2025. Pursuant to the terms of the Private Placement, the Investor purchased a $25 million convertible debenture (the “Convertible Debenture”) from the Company for a price of $23.75 million. The Company used the net proceeds from the Private Placement for working capital and general corporate purposes. For so long as there was a balance outstanding under the Convertible Debenture, the Investor, in its sole discretion, could deliver to the Company a conversion notice (the “Conversion Notice”) to cause any portion of the outstanding and unpaid balance under the Convertible Debenture to be converted into the Company’s Class A common stock (the “Class A Common Stock”). In the three months ended September 30, 2025, the Company received Conversion Notices from the Investor to convert $17.5 million of the Convertible Debenture into Class A Common Stock. In total, 1,746,552 shares of Class A Common Stock were issued to the Investor with respect to the conversions. On September 15, 2025, the Company elected to redeem the remaining $7.5 million of Convertible Debentures for cash, including a redemption premium of $0.4 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details